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 is on course to meet the Financial Services Authority's (FSA) 85 percent contract certainty deadline by the end of the year, according to the findings of a survey by IT company Sungard.

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.

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

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.

Swiss reinsurer Converium has reported a successful 1 April non-life renewal season as the company continues on the road to recovery.

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.

German giant Munich Re has announced quarterly profits of EUR979mn on the 9 May, up 41.7 percent from the EUR691 in the prior-year period.

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

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).