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Lloyd’s head of strategy exits
Only a month after Lloyd’s unveiled an ambitious three-year strategic plan, the Corporation has parted company with its head of business strategy as of last week. Since joining Lloyd’s in 2003, Stuart Degg led the development of Lloyd’s...
13 February 2006
Hanson plc part-settles asbestos litigation
The former British conglomerate Hanson plc revealed today (13 February) that an asbestos-hit US subsidiary has reached a settlement with its liability insurers. According to the group, the settlement is effective from January 2006 and resolves...
13 February 2006
Wilma hits RenRe results
A $313.9mn net negative impact from Hurricane Wilma hit Renaissance Re’s fourth quarter results with the Bermudian reinsurer reporting a $206.9mn operating loss. For the full year RenRe announced an operating loss of $274.5mn, down from an income...
13 February 2006
XL unveils $1.3bn loss following storms and Winterthur blow
XL Capital unveiled its largest ever full-year trading loss at $1.29bn following 2005’s devastating hurricane losses and the adverse Winterthur arbitration decision which cost the Bermudian giant a further $808.9mn.
13 February 2006
Aon shares leap on positive results
Chicago-based broker Aon reported a 35 percent rise in net income of $737mn or $2.17 per share, for 2005. In the fourth quarter net income trebled from $81mn, or $0.24 per share, in 2004 to $224mn or $0.65 per share last year...
13 February 2006
Stock market probe Swiss Re
The Swiss stock exchange is launching a probe into giant reinsurer Swiss Re after comments made by chairman Jacques Aigrain in an interview with the Financial Times (FT). SWX Swiss Exchange reported that it had launched a...
13 February 2006
HCC beats hurricanes; report record results
US insurer HCC Insurance Holdings has reported record results for 2005 shrugging off $57.5mn hurricane reverse to record $195.9mn net earnings for the year. Net earnings were up 20 percent for the year and 18 percent up for the final quarter of 2005...
13 February 2006
Max Re scrapes 2005 profit as prior-year loss hits Q4
Bermudian (re)insurer Max Re reported an $11.4mn or 20 cents a share, fourth quarter net loss and a full-year net profit of $6.7mn, or 13 cents a share for 2005, primarily as a result of a $129.7mn loss development on a prior-year contract.
13 February 2006
Willis profits down 30 percent for 2005
Broker Willis reported profits of $300mn for 2005, down 30 percent from $427mn the previous year on higher costs and the loss of so-called Placement Service Agreements, or contingent commissions.
13 February 2006
Gilmour in line to become next Lloyd’s deputy chairman
Ewen Gilmour, the chief executive of quoted Lloyd’s insurer Chaucer plc, is set to become the next deputy chairman of Lloyd’s when the Society’s ruling body, the Lloyd’s Council, meet later this week.
13 February 2006
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