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  • All three major global broking groups' annual results were well received by investors as the results of tight cost control plans offset negative or patchy growth in the soft market-affected top lines at Aon, MMC and Willis.
  • Class of 2005 start-up Lancashire Holdings has posted better than expected full-year 2008 results as both investment income and underwriting continued to contribute to the bottom line over the year.
  • Shareholders of Chaucer Holdings plc – the Lloyd’s insurer that is exciting M&A interest – have approved the £75mn equity fundraising designed to plug a hole in its 2009 capital requirements.
  • Class of 2001 (re)insurer Endurance joined the growing throng of reinsurers reporting sizeable drops in net income for 2008 as the impact of investment losses and the brunt of Hurricane’s Gustav and Ike continue to be realised across the industry.
  • Argo Group’s full year 2008 net profit fell 56 percent to $62.9mn as underwriting losses at its international specialty segment, combined with modest investment writedowns and the loss of a flattering extraordinary item relating to the 2007 acquisition of
  • MMC has seen profits rise sharply at its global (re)insurance broking operations as cost cutting efforts paid dividends whilst overall (re)insurance income stagnated.
  • Global broker Willis has unveiled organic growth of 4 percent for 2008, accelerating to 6 percent in Q4 but has suspended its annual earnings guidance to shareholders because of global economic uncertainty.
  • Jacques Aigrain has resigned as CEO of Swiss Re just days after the troubled reinsurance giant announced a full-year 2008 loss and a series of measures to shore up its balance sheet.
  • QBE Europe has confirmed it is to buy the renewal rights to the £30mn portfolio of mainly UK industrial and commercial property business written by Endurance Worldwide Insurance Limited from London, taking on 30 Endurance employees in the process.
  • Catlin Group has become the latest Lloyd’s (re)insurer to unveil capital raising plans with a heavily discounted £200mn JPMorgan underwritten rights issue – as predicted in the February issue of The Insurance Insider.