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March 2006/2

  • Lloyd's today (6 April) reported a pre-tax loss of £103mn in its full-year results after absorbing the cost of the worst hurricane season on record.
  • Shares in Zurich Financial Services have leapt suddenly on suggestions of a takeover by US insurance St Paul Travelers.
  • Start-up Lancashire Holdings’ financial strength rating has been placed under review by AM Best after the (re)insurer announced the departure of vice president Alex Richards.
  • German insurer Allianz AG almost doubled profits last year, it announced today (16 March).
  • Reinsurer considers share buybacks as capital surplus grows Strong investment performance enabled German giant Munich Re to shrug off it...
  • Inmarsat has become the first satellite operator to insure with newly launched space consortium LibSat.
  • UK Insurer Brit Insurance Holdings plc has replaced house broker Cenkos Securities Ltd with Citigroup while unveiling a 2005 profit created by an unexpectedly high release from prior-year reserves.
  • Swiss reinsurer Converium today (15 March) announced net income of $68.7mn for 2005, with $34.2mn added to the total during the final quarter. The fourth quarter figure beat some analyst’s forecasts by close to $30mn, and provided a solid start for...
  • Shares in UK listed Jardine Lloyd Thompson Group plc (JLT) fell sharply last week following the broker’s 2005 results which showed a fall in profits and a downbeat assessment of trading conditions. JLT’s shares, which started the week at 445p, fell...
  • Despite its growing cost base, reinsurance broker Benfield Group announced what was an “encouraging set of results” for 2005 last Thursday (9 March), according to analysts. Group revenue rose 6.8 percent from £303.5mn in 2004 to £324.1mn last year...
  • Start-up (re)insurer Lancashire Holdings has parted company with vice-president Alex Richards, the former Renaissance Re underwriter, who joined the company at the end of last-year. Richards was part of chief executive Richard Brindle’s start-up...
  • Last week Lloyd’s confirmed the appointment of Dr Richard Ward, the former head of the London-based International Petroleum Exchange (IPE), as its new chief executive and the person responsible for executing the Corporation’s three-year strategic vision.
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