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May 2006/1

  • London market IT provider Room Solutions has been bought out by the Indian headquartered company NIIT Technologies Limited (NIIT). In an announcement today (8 May), the company said NIIT has taken a majority shareholding in the company "with a view...
  • Troubled reinsurer PXRE has been hit by a brace of shareholder suits in New York alleging that the company misled investors by hiding the full impact of last autumn’s hurricanes in its initial loss estimates.
  • The positive first quarter for Bermudian reinsurers continued when RenaissanceRe posted a record net operating income of $195.7mn, or $2.73 per share, up from $54.5mn, or $0.76 per share last year.
  • Willis Group Holdings Ltd reported yesterday (3 May) net income of $140mn, or $0.89 per share, for the first quarter of 2006, more than double the $67mn, or $0.41 per share, recorded in the prior year period.
  • MMC chief executive Michael Cherkasky pointed to the green shoots of recovery in his company’s first quarter results today (3 May), but it was also apparent that the global brokers are still operating in a brutally tough trading environment.
  • Lloyd’s insurer Heritage Underwriting Agency plc has announced plans to form a new syndicate together with a listing on the Alternative Investment Market, The Insurance Insider can reveal. The new syndicate – which will write alongside the insurer’s...
  • Ratings agency Fitch announced on 25 April that it had begun operating from its new office in Dubai. Stephen de Stadler, Fitch's head of Business Development for the Middle East, said: "Fitch Ratings recognises that the economic growth currently...
  • It is the last chance to join The Insurance Insider, and our illustrious panels of senior reinsurance executives, at two free-to-attend Post-Katrina briefing events in London later this week.
  • Endurance Specialty yesterday (1 May) reported first quarter net income of $107.0mn, up from $96.3mn earned in the prior-year period. Operating income was $107.9mn, against $102.7mn in the first three months of 2005.
  • Bermudian giant XL Capital reported record first quarter income of $405.5mn, or $2.26 per ordinary share, last Tuesday (25 March). The company's combined ratio was 89.6 percent.
  • Bermudian reinsurer Montpelier Re reported a 34.7 percent rise in its first quarter net income, $48.5mn, or $0.54 per share, compared with $36mn, or $0.54 per share, for the same quarter last year. Net income excluding net realised and unrealised...
  • Bermudian (re)insurer Partner Re has unveiled a strong set of first quarter results, with net income of $193.1mn and operating income of $133.7mn, up from $111.4mn and $67.6mn respectively in the prior-year period.