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Munich Re profits leaps to EUR2.1bn; S&P upgrade more likely
German reinsurer Munich Re announced half-year profits of EUR2.1bn today (3 August), a leap of 143 percent from last year, driven by both strong underwriting and investment returns.
03 August 2006
Endurance launches $235mn Cat bond
The continuing popularity of reinsurance securitisations was reflected this week with news that Bermudian (re)insurer Endurance Specialty Insurance has acquired $235mn of multi-year, collateralised US natural catastrophe reinsurance cover from...
02 August 2006
JLT to overhaul pension scheme; margins fall
Jardine Lloyd Thompson Group plc (JLT) plans to overhaul its staff pension scheme in a bid to reduce the £146mn deficit which hangs over the company.
01 August 2006
Heritage latest Lloyd's insurer to list on AIM
Heritage Underwriting Agency plc has become the latest specialist Lloyd’s insurer to list on London Stock Exchange’s Alternative Investment Market (AIM) after trading in its shares began today.
01 August 2006
Embattled Scottish Re struck by ratings actions
Bermudian life reinsurer Scottish Re was hit by a slew of downgrades following yesterday’s shock profits warning, collapse in its share price and the sudden departure of chief executive Scott E Willkomm.
01 August 2006
Bright returns to court
Michael Bright, the colourful founder of collapsed UK insurer Independent Insurance, returned to Southwark Crown Court on 25 July for a preliminary hearing in the conspiracy to defraud trial relating to the collapse of the company.
31 July 2006
GRM team moves to Capita
US insurer CNA Financial Corp has scaled back its London Market operations further as its Global Resource Managers operation has stopped offering third-party services with the departure of its audit & consultancy team.
31 July 2006
Highway changes backed by analyst
Boardroom changes at motor insurer Highway Insurance Holdings Plc have been backed by analyst Eamonn Flanagan of Shore Capital.
31 July 2006
Aeolus Re confirms launch with $500mn capital
As exclusively revealed by Insider Week on 24 July, Aeolus Re will become the latest reinsurer to begin operations on Bermuda following the raising of $500mn of capital.
31 July 2006
St Paul's profit dips
US insurer St Paul Travelers on 27 July reported a dip in net income which fell to $970mn, or $1.40 per basic share, for the second quarter compared to $1.069bn, or $1.59 per basic share in the prior-year period.
31 July 2006
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