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.

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

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.

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...

Insurance giants AIG and AXA have been linked with counter-bids for UK insurer Prudential plc following the takeover move by compatriot Aviva plc last Thursday (16 March) night. In a statement to the London Stock Exchange this morning (20 March)...

Castlepoint Holdings Ltd, the latest insurer hoping to land on Bermuda’s shores, has been told by AM Best that it can expect an A- rating if its advisers raise the $220mn needed to capitalise the start-up. As revealed by The Insurance Insider...

UK regulator the Financial Services Authority (FSA) has recognised progress in pursuit of contract certainty by putting on hold work to develop rules it threatened to impose if the London market failed to meet the deadline set for the end of the 2006.

XL Re Life, the life reinsurance arm of Bermudian XL Capital, is moving into the US market with the acquisition of Servus Life Insurance Company. The (re)insurer will operate in the States under the name XL Re Life America, offering reinsurance...

Aon has lost its $80mn court case with oil company BP in a judgment that could have wider implications for sub-broking arrangements. Mr Justice Colman ruled in the case of BP v Aon and another that Aon had breached its duty of care to the oil company..

An unusually high currency boost and a release from reserves enabled expanding Lloyd’s insurer Hiscox plc to transform a narrow 2005 underwriting gain into a healthy £70mn pre-tax profit. An increase in the group’s US storms exposures – up from...