October 2006/1

Despite improvements in underwriting, an increased tax burden and lower investment results meant the US property & casualty insurance industry saw its net income after tax fall almost ten percent in the first half of 2006. According to figures from ISO..

The sale of Hastings Insurance Services Ltd has focused attention on the future ownership of Lloyd’s insurer Creechurch Underwriting Ltd, which is also controlled by industry entrepreneur David Gundlach. Last week, the Insurance Australia Group (IAG)...

Lloyd’s insurer Atrium reported a fall in pre-tax profits on 27 September with foreign exchange fluctuations blamed for the drop to £7.9mn for the first half of 2006, against £13.7mn in the prior-year period. In a story that has been repeated by many...

The International Underwriting Association (IUA) has elected Stephen Riley as its new chairman it announced today (2 October). Riley, an executive director and board member of Global Aerospace Underwriting Managers, takes over from colleague Tony Medniuk

Benfield Corporate Risk announced the acquisition of a Norwegian marine and energy broker , Parisco AS, on 28 September. The sale will see Parisco AS and its subsidiary Parisco Marine AS, which had net assets of around £200,000 at the end of last year...

Despite paying over $1bn in settlements and foregoing contingent commissions, the post-Spitzer picture is still not “rosy” for the big three brokers, according to a report by ratings agency Standard & Poor’s (S&P). The report entitled...

Lloyd’s announced last week (27 September) half year pre-tax profits of £1.35bn – marginally down on the £1.38bn booked at the same stage last year – as strong underwriting results in benign conditions were offset by a fall in investment income.

Provisional liquidator Grant Thornton last week announced creditor approval for its proposed UIC Insurance Company Limited scheme of arrangement that looks set to boast the rare distinction of paying out more than 100p in the £1. If the scheme is...

With last week’s move by UK insurer Royal & Sun Alliance Group plc (R&SA) to clear the decks on its US legacy issues, speculation has begun to mount that the move may pave the way for renewed interest from potential bidders for the company...

Aon Re Global appears to have pulled off a coup with the hiring of Elliot Richardson, currently head of facultative reinsurance at rival Benfield Group, to run its global Fac operation. According to market sources, Richardson may be joined by up to forty