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May 2005/2

  • McGill joins Aon Steve McGill, the former chief executive of Jardine Lloyd Thompson Group plc, has left his short consultancy role at Benfield Group to join Aon Corp.
  • Bermuda-based Platinum Underwriters has reported net profits up by a third to $73.1mn for the first quarter of 2005, generated from net earned premiums up from $321.04mn to $411.04mn.
  • Norwich Union leading light Bridget McIntyre has quit the insurer to take over as chief executive of Royal & Sun Alliance’s (R&SA) domestic operations following Duncan Boyle’s decision to retire from the company after 32 years in its service.
  • Bermudian (re)insurer PXRE has reported first quarter net profits of $22.7mn or $0.69 a share, compared to $30.9mn or $1.18 a share in the same period of 2004. Net operating income per share came in at $23.3mn or $0.71 a share, down from $33.2mn or $1.27
  • Electronic data transfer platform RI3K has announced the delivery of a new facility, allowing placement and transfer of facultative risks, in addition to its existing treaty transfer capability.
  • Bermuda-headquartered RenaissanceRe last week (3 May) reported a disappointing set of first quarter results, as losses from Windstorm Erwin battered the bottom line. The performance raises doubts over the reinsurer’s ability to meet 2005 earnings projecti
  • UK broker Jardine Lloyd Thompson Group plc may be forced to cut its dividends to shore up its balance sheet in a declining rating environment, according to a Merrill Lynch research report issued today (9 May).
  • Willis chairman and chief executive Joe Plumeri will sell 2,350,000 shares of the company’s common stock beginning in June, the broker announced last week. As at noon on 9 May, 2005, Willis shares were trading at $35.24 so barring any significant...
  • Appearing to shrug off the revenue problems inflicting its biggest rivals Marsh and Willis, world’s second largest broker Aon last week (3 May) announced a strong set of first quarter results, extending the honeymoon period for new CEO Gregory Case.
  • Oxygen, the insurance broker promoting itself as a post-Spitzer alternative to the established London market firms, has appointed a new team specialising in group life business.
  • CNA, the seventh biggest commercial insurer in the States, reversed its $124mn first quarter 2004 net loss into a $178mn profit this time around, and revealed it would restate results for the last three years after reviewing its relationship with Bermuda’
  • US insurer HCC Insurance Holdings released another set of record quarterly results last Tuesday (3 May) as net profits increased 29 percent to $57.3mn or $0.81 a share against the $44.6mn or $0.68 a share recorded by the company in the first three months