May 2006/3

Bermudian (re)insurer AXIS Capital reported first quarter net income of $195.2mn, or $1.19 a share, up from $151.8mn, or $0.95 per share for the prior year period.

Canadian combine Fairfax Financial Holdings reported first quarter earning of $172.1mn, or $9.47 per share, up from $35.2mn, or $2.03 a share for the prior year period.

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.

Last autumn's record hurricane losses have spurred a sea change in approaches to underwriting catastrophe risk and the use of modelling techniques, said panellists at a market briefing hosted by The Insurance Insider in London last Friday (5 May).

The trade association for Lloyd's insurers was accused of a "thinly veiled attempt to reduce London brokerage levels" last week as the war of words over broker remuneration broke out once again.

Defunct Australian insurer HIH's has been ordered to pay indemnity costs to broker JLT Risk Solutions after its film finance action ended with its claim being dismissed.

AXIS Capital Holdings announced that David Greenfield will join the company as chief financial officer later this year.

Brit Insurance Holdings plc has announced a record-breaking five-year sponsorship deal with Surrey County Cricket Club and the Brit Insurance Oval.

The positive first quarter for Bermudian (re)insurers 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.

Some of the aura attached to Aon Corp's impressive share price performance in the last year was undone last week after the broking giant narrowly missed analysts' earnings estimates in its first quarter results.

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.

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...