May 2006/4

UK-listed Jardine Lloyd Thompson Group plc (JLT) today (18 May) announced it has became the latest Western broker to receive approval from regulators for a Chinese (re)insurance broking operation.

Start-up (re)insurer Lancashire Holdings Ltd has blamed a sluggish marine market for writing less business this year than it initially planned, according to a trading statement issued today (17 May).

French reinsurer SCOR today (16 May) reported a 61 percent rise in its first quarter income to EUR53mn from EUR33mn in the prior-year period.

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.

AM Best has given start-up Bermudian (re)insurer CastlePoint Reinsurance Company Ltd an A- financial strength rating. CastlePoint's parent company, CastlePoint Holdings Ltd, was launched last month with $265mn of private equity capital by the...

German insurer Allianz reported a 35 percent increase in profits in its revised first quarter results on 12 May. Net profit rose to EUR1.78bn this year from EUR1.32bn in the prior-year period.

The shares prices of the London Market’s blue-chip insurers were again dragged down today (15 May) as uncertainty continued to grip trading on the London Stock Exchange.

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

German reinsurer Hannover Re released strong first quarter operating results on 12 May, and said it was on track to hit 2006 earnings targets.

The emergence of the special purpose reinsurance entities known as sidecars is an innovative capital and risk management strategy and the market looks set to keep growing according to a report by ratings agency Moody's.

Shares in American International Group (AIG) fell 5 percent late last week as investors sold stakes following a 16 percent drop in first quarter net income to $3.2bn on Wednesday (10 May).