March 2006/4

Michael Bright, the colourful founder of collapsed UK insurer Independent Insurance, will face trial on charges of conspiracy to defraud at a trial starting after Easter 2007, a preliminary hearing at Southwark Crown Court heard today (24 March).

Lloyd's insurer Hardy bucked the trend of underwriting losses when it reported profits of £7.5mn for 2005 on 22 March, underpinned by a positive underwriting result of £6.3mn.

A EUR1bn bill from last year’s natural catastrophes – including almost EUR800mn from Hurricanes Katrina, Rita and Wilma (KRW) – dragged Hannover Re’s net income down from 2004’s 279.9mn to EUR49.3mn.

Strong investment income helped French reinsurer SCOR continue its recovery as it recorded a 22 percent increase in 2005 operating profits to EUR242mn, along with a 75 percent increase in net profit to EUR131mn.

Shares in Canadian combine Fairfax Financial Holdings have dropped almost 15 percent percent on the New York Stock Exchange (NYSE) today (22 March).

Wellington Underwriting plc says its reinsurance costs have risen substantially after restructuring its programme following Hurricane Katrina last year. The Lloyd's insurer posted a full-year pre-tax loss of £26.2mn for 2005 as the devastating storm...

Willis has signed an agreement with the China Development Bank (CDB) that will see it become the bank’s global risk management and insurance consultant. The move is another big step for Willis as it moves into the Chinese insurance market. The firm...

Strong investment performance enabled German giant Munich Re to shrug off its hurricane losses and post record profits of EUR2.7bn for 2005, increasing its dividend 55 percent to EUR3.10 as it raised the prospect of an “active capital management”...

Swiss reinsurer Converium announced on 15 March 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 the...

A preliminary hearing at Southwark Crown Court on Friday 24 March is expected to set the trial date for three former directors Independent Insurance who are charged with conspiracy to defraud. As stated by the Serious Fraud Office, former chairman...

Defunct Australian insurer HIH’s film finance action against its broker JLT Risk Solutions has ended with its claim being dismissed on 15 March. Despite Mr Justice Langley finding that JLT was in breach of its duty as a broker, he concluded...

US insurer St Paul Travelers has denied reports that it’s been in merger discussions with Zurich Financial Services Group, that were first reported in the Wall Street Journal on 17 March. The possible creation of an insurance leviathan to match...