March 2006/3

When, without prompting, Jardine Lloyd Thompson Group plc’s (JLT) new chief executive Dominic Burke volunteered: “I passionately believe in the independence of JLT”, it begged the question: “Who was suggesting otherwise?”

Swiss giant Zurich Financial Services (ZFS) reported a strident set of 2005 figures on 16 February, delivering record operating profit of $3.95bn – a 32 percent rise on 2004.

Aspen impresses analysts, despite loss Despite posting a fourth quarter net profit of $30.3mn or 31 cents a share, Aspen Insurance Holdings was unable to turn around a hurricane-struck year, joining a growing band of Bermudians to book a 2005 deficit.

CNA falls to Q4 loss Chicago-based insurer CNA Financial posted a fourth quarter net loss of $217mn, or 92 cents per share, down from a net profit of $303mn, or $1.11 per share, in 2004. The company was hit by $223mn in commuted reinsurance...

As Amlin, Beazley, Catlin and Hiscox kicked off the Lloyd’s listed vehicles’ 2005 reporting season, analysts at Keefe, Bruyette & Woods Ltd (KBW) noted good prospects for the sector based on recent trading statements, despite the record hurricane...

Shares in (re)insurer Quanta Capital Holdings Ltd collapsed earlier this month after the company admitted it was putting itself up for sale following deteriorating losses and a downgrade by rating agency AM Best from the crucial A- to B++.

London on target with contract certainty initiative ; G6 becomes magnificent seven ; HCC grows Lloyd’s presence with Heritage stake ; Managing the cycle key to Lloyd’s underwriters ; FSA cancels broker’s permission to trade ; et al...

Friedman, Billings, Ramsey Group Inc, the US investment bank which launched Quanta Capital Holdings Ltd in late 2003 before being embroiled in a controversy over the insurer’s demise, is in the throes of forming a new $220mn Bermudian headquartered...

Axiom Consulting is the latest UK financial services firm planning to cut costs by outsourcing its functions to an offshore firm, The Insurance Insider can reveal. The (re)insurance run-off consultancy – which spun-off from former owner Aon Ltd in...

The Insurance Insider reports from the World Insurance Forum where the growing interaction between the reinsurance industry and the capital markets was a key subject of debate. Industry leaders gathered at the World Insurance Forum in Bermuda last...

In stark contrast with JLT, reinsurance broker Benfield Group impressed analysts early March with a positive outlook on conditions although, as expected, its cost base impacted margins. Group revenue rose 6.8 percent from £303.5mn in 2004 to...

EC3 insurers continue to make '05 profits despite hurricane losses : Upbeat Amlin sets Lloyd’s rivals tough challenge. Amlin plc was as good as its word when posting record results earlier this month which promise to stand out among all the quoted...