March 2006/1

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...

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...

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...

Ratings agency Moody’s says that the outlook for Australia's property and casualty insurance industry is stable. “The industry has registered a good underwriting performance in the last few years, largely due to its sound claims experience, driven...

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...

The London market has exceeded its latest target laid-down in conjunction with UK regulator, the Financial Services Authority (FSA), to ensure contract certainty of policies agreed in December. According to the Market Reform Group (MRG) – the industry

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.

US broker Hub International reported a fourth quarter increase of 75 percent in its net earnings, which rose to $5.9mn. Revenue for the quarter was up 12 percent to $114.1mn, while revenue for the full-year was up 25 percent to $442.6mn.

Swiss reinsurer Converium has provided details of restated financial results following an internal review prompted by regulatory investigations into ‘finite’ reinsurance. In a statement on 28 February, the company – which has been attempting to...

London market (re)insurers and brokers were recognised yesterday as some of the UK’s best companies to work for, according to the annual Sunday Times survey. The medical malpractice specialist Marketform Group came 26th out of the UK’s top 100 best...