March 2006/2
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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.
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Shares in Zurich Financial Services have leapt suddenly on suggestions of a takeover by US insurance St Paul Travelers.
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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.
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German insurer Allianz AG almost doubled profits last year, it announced today (16 March).
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Reinsurer considers share buybacks as capital surplus grows Strong investment performance enabled German giant Munich Re to shrug off it...
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Inmarsat has become the first satellite operator to insure with newly launched space consortium LibSat.
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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.
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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...
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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...
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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...
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The fate of the campaign by non-US reinsurers to have onerous collateral requirements relaxed for business written in the US should be known by the end of 2006, after the National Association of Insurance Commissioners (NAIC) finally set itself a...
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Lloyd’s insurer Omega Underwriting Holdings predicted a profitable 2005 despite last year’s storm losses with the group estimating a $24mn hit from Hurricane Katrina alone. Omega has forecast a profit of 2.5-12.5 percent for Syndicate 958 on...
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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). The (re)insurer also announced that it has raised £38mn capital...
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Amlin plc was as good as its word when posting record results last week which promise to stand out amongst all the quoted Lloyd’s insurers. The insurance company had already signalled 2005 would be a strong trading year despite the storm losses...
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Lloyd’s insurer Heritage is to move into personal accident on its Syndicate 1200 after hiring a team headed by former Euclidian underwriter Marc McLean. McLean was previously senior accident and health underwriter at now defunct Euclidian Syndicate...
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Listed UK insurer Hiscox beat analysts’ expectations on 13 March as it reported pre-tax profits of £70.2mn, increasing its final dividend 36 percent to 4.75p in the process. The company put the performance down to its balanced book of business...
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UK insurer Royal & Sun Alliance (R&SA) 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 £80mn the previous...
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Rating agency Standard & Poor’s (S&P) announced today (13 March) that it has downgraded The Cologne Re of Dublin (TCR) from AAA to A following its parent Berkshire Hathaway’s decision to put it into run-off last December. The reinsurer, which wrote...
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UK broker Heath Lambert Group appointed Nigel Thomas as group finance director on 9 March. Thomas joined Lowndes Lambert in 1995 and was involved in the financial aspects of the Lowndes Lambert/Fenchurch Group merger and the subsequent Lambert...
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Aon Corp has confirmed that it plans to lay-off another 400 employees as part of its restructuring initiative. The broker – which announced last year that it expects to lose 1400 staff – said in a Securities and Exchange Commission filing that this...
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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...
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Terry Clarke has confirmed he will step down from Converium’s board of directors at the company’s AGM on 11 April. Clarke was appointed interim CEO in February 2005 to steady the ship following the ousting of Dirk Lohmann over the company’s much...
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Hannover Re has announced a restructure of its US arm Clarendon and admitted it will weigh up the options for the future of its ongoing specialty and discontinued programme businesses. In a statement on 7 March the German reinsurer revealed the...
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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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