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...

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.

Bermudian (re)insurance specialist IPC Re announced on 25 April that its net income rose by over 42 percent to $62.65mn for the first quarter of 2006. Net operating income rose by almost 60 percent to $75.26mn from the $47.16mn recorded in the prior...

Everest Re has prompted fears of more hurricane pain for reinsurers after revealing further deterioration in losses from last autumn's storms in its first quarter results published last Monday (24 April).

Bermudian reinsurance ACE limited has announced a record net income of $489mn for the first quarter of 2006 despite an $80mn charge to cover an imminent settlement with regulators. Post-tax the charge wiped $66mn from ACE's net income, which rose 12...

Swiss reinsurer Converium received another boost when rating agency Moody's upgraded the outlook on its Baa1 insurance financial strength rating ratings from negative to stable. Moody's said: "Converium reported net income of US$68.7mn in...

Platinum Underwriting reported a 41 percent fall, to $293.3mn, in its net written premiums for the first quarter of 2006. Net premiums also fell, by 16.2 percent for the quarter, to $344.3mn. Net income was up from $73mn for the first quarter...

Bermuda-based (re)insurer White Mountains Insurance Group reported a strong first quarter adjusted comprehensive net income of $117mn compared with $75mn for the first quarter of last year. The result benefited from a $21mn gain due to a foreign...

US insurer WR Berkley reported a 34 percent rise in its first quarter net income from $121mn last year to $162mn in 2006. Net income was $0.84 per basic share and $0.80 per diluted share, up from $0.64 and $0.64 respectively for the same period in...

Bermudian (re)insurer Aspen reported a 13.4 drop in its first quarter post-tax net income after reducing its catastrophe exposures. Post-tax net income was $61.8mn for the quarter, down from $70.1mn in the same period last year.

Bermudian (re)insurer Arch Capital Group reported first quarter net income of $129.6mn - up from the $115.9mn earned in the corresponding period of 2005. Operating income rose more significantly, from $111.9mn in the first quarter of...

Aon Corp's former US wholesale arm Swett & Crawford Group has promoted its chief operating officer to succeed David Hartoch as group chief executive.

A year on, and start-up broker Integro Ltd admits it is still a long way from making a profit - but insists that was very much the game plan. The company's founding chief executive Roger Egan remarked last week: "We won't be profitable this year...

US insurer St Paul Travelers has reported a rise of almost 500 percent in its first quarter net income today (2 May) and announced a $2bn share buyback scheme. Net income was $1bn, or $1.45 per basic share and $1.41 per diluted share, for the...

UK regulator the Financial Services Authority (FSA) has fined Lloyd's broker Besso £20,000 for failure to apply for approval of a member of its management who had previous fraud convictions and is alleged to have gone on to commit fraud whilst at the...

GoshawK Insurance Holdings plc, the UK parent of failed Bermudian reinsurer Rosemont Re, has had its shares suspended with immediate effect today (2 May).

The number of private securities litigation cases filed in the US fell to its lowest in almost a decade during 2005. However, the value of settlements more than doubled, according to a report by accountants PricewaterhouseCoopers (PwC).

Bermuda-headquartered Catlin Group has appointed Vincent Brazauskas as senior vice president and chief administrative officer of Catlin Inc, the Group's US subsidiary. Brazauskas will be responsible for a variety of non-underwriting functions for...

Insurance broker Marsh Inc has announced the appointment of Stanislas Chapron as chief executive officer of Marsh France, following the retirement of Jean-Yves Durance.

All eyes will be on the global brokers' first quarter results later this week as concerns grow that Marsh Inc's brokerage revenues may have fallen for yet another quarter. The world's largest broker saw its revenues decline in all four quarters...

London based broker Howden Group has appointed the former Aon Ltd operations director Neil Bullivant as its new operations manager.

Canadian energy company Suncor Energy Inc announced on 25 April it has agreed an $830mn settlement with insurers over business interruption (BI) claims arising from a major fire at its Oilsands facilities in northern Alberta last January.

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...

Lloyd's insurer Atrium Underwriting plc announced pre-tax profits of £10mn for last year, 68 percent down on 2004's record return of £31.6mn. The company suffered from £26mn in net losses from last year's hurricanes, which also added 22 points to its..

Willis Group Holdings has parted company with Arlene Corsetti - only a year and a half after trumpeting her defection from rival broker Marsh Inc. Corsetti, the former managing director of Marsh's midwest operations, was one of the first high...