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November 2006/1

  • American International Group (AIG), the world’s largest insurance company by value, was the latest firm to unveil strong third quarter results on the back of a benign 2006 claims environment.
  • Resurgent UK insurer Royal & Sun Alliance (R&SA) reported steady third quarter earnings with a group combined operating ratio of 93.1 percent and an operating result up 21 percent at £590mn (analysts’ consensus £592mn).
  • Bermudian-based energy mutual Oil Casualty Insurance Ltd (OCIL) was stripped of its key A- rating by Standard & Poor’s (S&P) earlier this week.
  • Zurich Financial Services (ZFS) has appointed the head of Royal Bank of Scotland (RBS) Insurance Annette Court to become the chief executive of its European General Insurance operations. Court, who will also become a member of the insurance giant's...
  • Axis Capital reported strong third quarter earnings of $226.2mn last week but founding chief executive John Charman used the opportunity to warn over “irrational and unmonitored competition” which is fuelling downward pricing pressures in a number of...
  • An “outstanding year” to date in its property & casualty operations contributed to investment conglomerate Berkshire Hathaway reporting third quarter net earnings of $2.77bn on Friday (3 November)...
  • Broking giant Aon Corp came in below analyst estimates last Thursday (2 November) with its third quarter results but five percent growth in its core broking business will be better received by shareholders. The Chicago-headquartered firm reported...
  • Marsh Inc’s chief executive Brian Storms has parted company with another senior executive following the announcement last week that the broking giant was to make its President William (Bill) Malloy redundant.
  • Alchemy Partners, the private equity firm founded by Jon Moulton, had thus far avoided the temptations of Lime Street but this all changed with its £113mn acquisition of short-tail specialist Cathedral Capital, last week.
  • There were few surprises as Marsh & McLennan Companies, Inc (MMC) released a steady set of third quarter last Wednesday (1 November), with consolidated revenues up four percent to $2.9bn on the prior-year period.
  • UK regulator the Financial Services Authority (FSA) has begun to accept applications for sidecar-style insurance special purpose vehicles (ISPVs) from today (6 November), following approval of its proposals to make ISPVs more attractive.
  • Speculation that UK broker Jardine Lloyd Thompson Group plc was considering a strategy of focussed regional growth was quashed last week (31 October) when the company announced a major restructuring that includes greater integration of its two separately.
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