May 2005/2

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

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.

Post-9/11 start-up Endurance Specialty has reported first quarter net profits of $96.3mn or $1.45 a share, fractionally down on the prior-year figure of $100.9mn or $1.47 a share. But operating income, which excludes realised gains and losses, rose from $

German giant insurer Allianz announced that its first quarter result and growth are “on track” as it pre-empted the release of its full financials for the period this Friday (13 May).

Less than a week after revealing it was close to an insurance acquisition, Berkshire Hathaway confirmed that it has agreed to purchasing General Electric’s medical professional liability insurer, Medical Protective Corporation.

In the week that MMC had to reveal a 70 percent cut in first quarter earnings, more bad news arrived in the form of a legal action against the broker from Fortune Brands – the former Marsh client who was an apparent victim of bid-rigging.

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.

FBI gets involved; Lloyd’s receives subpoena In a letter sent on his 80th birthday last week, former AIG CEO Maurice "Hank" Greenberg has hit out at the directors of the company he built, lambasting them for “vile accusations” and a “one-sided review”

Bob Clements’ has thrown down the gauntlet to broking giants Marsh and Aon after his latest insurance start-up Integro Ltd was launched last week with just over $300mn of capital in a private placement.

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.

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.