May 2006/3
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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.
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First quarter net income dropped 16 percent to $3.2bn at American International Group (AIG), reported yesterday (10 May).
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Besieged Bermudian reinsurer PXRE Group Ltd today (10 May) reported that it has lost two-thirds of its business following its recent troubles.
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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.
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London market broker Glencairn Ltd has parted company with Adam Fox, the head of its reinsurance operations.
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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.
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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.
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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.
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Willis Group Holdings Ltd reported on the 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.
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Despite unveiling hurricane losses of $3.4bn for last year, Berkshire Hathaway Inc said it remains committed to writing catastrophe (re)insurance.
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Beazley Group plc's head of property Jonathan Gray has called for a back to basics approach to catastrophe underwriting last week, advising underwriters to rely more on their common sense and not to become slavishly dependent upon catastrophe models.
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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.
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