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March 2006/1

  • Reinsurance broker Benfield Group announced an “encouraging set of results” for 2005 today (9 March), according to analysts. Group revenue rose 6.8 percent from £303.5mn in 2004 to £324.1mn last year, but the group’s trading result was...
  • UK insurer Royal & Sun Alliance (R&SA) today (9 March) reported a £685mn leap in its full year after tax profits. After tax profits were £605mn last year, a marked improvement on 2004’s £80mn loss. Profits before tax rose to £865mn in 2005 from...
  • Bermuda headquartered Catlin Group saw its 2005 net income plummet by 87 percent to $19.7mn after incurring a net loss of $333.5mn from the hurricanes Katrina, Rita and Wilma (KRW), it reported today (9 March). The group also announced today that it...
  • Shares in UK listed Jardine Lloyd Thompson Group plc (JLT) have again fallen sharply today following the broker’s 2005 results which show a fall in profits and tough trading conditions. At midday, JLT’s shares had fallen almost 12 percent...
  • As first revealed by The Insurance Insider on 6 February, Lloyd’s has chosen the former head of the International Petroleum Exchange (IPE) Dr Richard Ward to become the next chief executive of Lloyd’s following the departure of Nick Prettejohn at the...
  • Giant reinsurer Swiss Re reported a 41 percent drop in its 2005 net income to SFr1.451bn from SFr2.475bn in the prior year, a result that reflected a tough year for reinsurers. Swiss Re absorbed SFr3bn in large natural catastrophe claims following...
  • Last year was a record year for cat bonds as the market continued to react to Hurricane Katrina, according to a new report called “The Catastrophe Bond Market at Year-End 2005: Ripple Effects from Record Storms” by reinsurance broker Guy Carpenter.
  • Shares in UK listed broker Jardine Lloyd Thompson Group plc (JLT) have dropped 7 percent today ahead of the company’s announcement of its preliminary 2005 results tomorrow morning.
  • Warren Buffett said the cost of Hurricane Katrina and “her ugly sisters, Rita and Wilma” cost Berkshire Hathaway a total of $3.4bn last year. The investment titan revealed the extent of Berkshire’s bill in his annual letter to the company’s...
  • Former Gen Re executives Geoffrey Barnum and Christopher Byatt have dropped their appeals to the Australian regulator The Australian Prudential Regulation Authority (APRA) over their disqualifications. The two were disqualified by the APRA...
  • Supplementary benefits removed for all but the senior ranks in efficiency drive… Marsh UK is in the process of scrapping its final salary pension scheme for its staff and ceasing supplementary benefits for all but the highest earners...
  • Lloyd’s has chosen the former head of the International Petroleum Exchange (IPE) Dr Richard Ward to become the next chief executive of Lloyd’s, Insider Week can reveal. But the Society is still waiting on the Bank of England to ratify the decision...
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