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...

Insurance brokers want (re)insurers to write more business with their excess capital according to Chris Klein of Benfield. “When I was a soldier I could never have too much ammunition, and I don’t recall anyone ever returning excess ammunition...

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 insurer Hardy Underwriting has forecast today (6 March) that its 2005 profits will be ahead of expectations. In a statement to the Stock Market the company said: “The profit before tax of Hardy Underwriting Group for the year ended...

Lloyd’s insurer Amlin reported last Wednesday (2 March) a record result of 25.4 percent of capacity for the 2003 year of trading on Syndicate 2001, beating the previous record of 21.7 percent on the 2002 account. The company said the result...

French reinsurer SCOR has reported a 25 percent increase in premium income renewed at 1 January for non-life, credit and surety treaties. The group’s recovery towards profitability after the travails of 2003 continued with overall premium income up...

Giant insurer American International Group (AIG) has formed a new unit, AIG Specialty Excess, in order to handle all in-force, new and renewal business currently handled by CV Starr & Co agency, a subsidiary of CV Starr & Co, Inc.

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...