March 2006/3

Giant reinsurer Swiss Re reported a 41 percent drop in its 2005 net income to SFr1.451bn from SFr2.475bn in the prior-year, a result that reflected a tough year for reinsurers. Swiss Re absorbed SFr3bn in large natural catastrophe claims following...

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.

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.

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...

UK insurer Royal & Sun Alliance (R&SA) reported a £685mn leap in its full-year after tax performance. 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...

Andrew Askham, a colourful kidnap and ransom broker, is attempting a return into the London market The recent attempt by a colourful kidnap and ransom (K + R) broker to return to the London market has set alarm bells ringing on Lime Street.

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...

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...

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...

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++.

Despite the demise of Kinnect, London’s back-office provider Xchanging is continuing to develop initiatives to help the market’s insurers reach the contract certainty targets agreed with the Financial Services Authority.

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...