October 2009/1

Lloyd’s insurer Beazley has hired a team from rival Mitsui Sumitomo to bolster its marine liability offering.

Allianz's Q3 group operating profits were up 23 percent, as resurgent life and health financial services performance offset lower contributions from property and casualty (P&C) insurance.

The industry's potential exposure to political risk/trade credit losses emanating from the global economic downturn in 2008-09 was hinted at by Beazley today.

Global insurance giant Axa has unveiled a EUR2bn rights issue to enable it to "seize future acquisition opportunities, primarily in high growth markets".

Just days after announcing its largest ever acquisition, Berkshire Hathaway has unveiled third quarter net profits that almost trebled from $1.1bn to $3.2bn on the back of rebounding stock index derivative contracts.

AIG reported a moderate $455mn third quarter net profit - compared to the giant $24.5bn net loss of the same period last year - as net realised capital losses stabilised.

Eamon Brown, a key member of the Lloyd's Franchise performance team that oversaw Lloyd's underwriting standards, is to leave the Society at year-end.

Hannover Re has upped its top and bottom line targets for the full year after a strong quarter driven by the benign claims environment, resurgent investment income and continued growth in its life and health business.

A bumper $302.9mn gain booked on acquiring IPC Holdings helped push Validus Holdings to a $499.2mn net profit for the third quarter, compared to a $126.3mn net loss in the prior-year period.

Munich Re is on course for a full-year profit of EUR2.2-2.5bn after a significant improvement in its investment result pushed third quarter consolidated profit to EUR651mn, compared to just EUR2mn in the prior-year period.

After bumper Q3 results, Bermuda-headquartered Lancashire is to give back capital to shareholders through a $263mn special dividend and an additional $150mn share buyback facility.

WR Berkley has named William Berkley Junior (Robert) as president and COO of the US insurer, paving the way for an eventual move into his father’s chief executive role.