May 2006/3

UK general insurer Royal & Sun Alliance (R&SA) this morning (11 May) announced first quarter pre-tax profits of £122mn, unchanged from the corresponding period of 2005.

First quarter net income dropped 16 percent to $3.2bn at American International Group (AIG), reported yesterday (10 May).

Besieged Bermudian reinsurer PXRE Group Ltd today (10 May) reported that it has lost two-thirds of its business following its recent troubles.

London market broker Glencairn Ltd has parted company with Adam Fox, the head of its reinsurance operations.

London market broker Tyser & Co has been refused leave to appeal a decision that upheld market custom that underwriters are entitled to placing and claims documentation held by broker.

Aon Ltd, the UK arm of broking giant Aon Corp, has reversed plans to move its London operations out of the City of London and to the Docklands.

German giant Munich Re has announced quarterly profits of €979mn today (9 May), up 41.7 percent from the €691 in the prior-year period.

US insurer HCC Insurance Holdings reported a significant rise in first quarter net profit of 37 percent to $78.6mn, compared to $57.3mn in the prior-year period.

Despite the capital market's growing appetite to assume risk, traditional reinsurance cannot be beaten for speed of access, according to speakers at an Insurance Insider event last week.

Steve McGill, the head of Aon Corp's Global Large Corporate unit, has recruited a team of senior ex-Jardine Lloyd Thompson Group plc colleagues to join the broking giant, Insider Week can reveal.

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...

English & American Insurance Company Limited (EAIC) has increased its scheme payment percentage from 30 to 35 percent with effect from 25 April 2006.