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  • The London-based Cooper Gay Group have teamed up with Michael W Cashman to form a new reinsurance brokerage firm that will focus on the North American Treaty Reinsurance Brokerage market, Cooper, Gay and Cashman.
  • German insurer Allianz AG announced a strong Q2 group profit last week after being boosted by a much-improved performance from its troubled banking arm.
  • Royal & Sun Alliance (R&SA) continued its positive 2005 last week, posting IFRS net profits for the half-year of £195mn, more than double the £82mn posted for the same period in 2004.
  • Second quarter net profit was up 6 percent at German reinsurer Hannover Re as the firm benefited from increased earnings on premiums, lower taxes and less claims related to natural disasters.
  • Nicholas Gooding, head of underwriting review at Wellington Underwriting, has resigned from the Lloyd’s insurer, Insider Week can reveal.
  • Troubled insurance giant American International Group (AIG) posted another “back to business” set of earnings last week which included a 50.1 percent increase in second quarter net income.
  • Ratings agency Standard & Poor’s (S&P) has upped its outlook on broker Aon to stable from negative, while reaffirming the company’s “BBB+/A-2” counterparty credit rating.
  • Tropical Storm Risk (TSR), the consortium of experts on insurance, risk management and seasonal climate forecasting, today (15 August) increased its forecast for Atlantic hurricane activity in 2005 by 30 percent.
  • Swiss reinsurer Converium came out ahead of expectations on 9 August to post a second quarter net profit of $70.8mn, against a net loss of $660mn in the same period of 2004.
  • Art Coleman has left run-off specialists Global Resources Managers (GRM) to set up his own operation, taking a number of colleagues with him, Insider Week understands.