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September 2006/1

  • In contrast to many of its Lloyd's competitors, the Bermuda-headquartered Catlin Group received a currency boost from the weak dollar which contributed to record net income of $147.3mn for the first half of 2006.
  • In a strategic volte-face, Jardine Lloyd Thompson Group plc (JLT) has sold its US property casualty and employee benefits operations to Alliant Insurance Services Inc for $100mn (£53.3mn) little more than three years after deciding to build a US retail pl
  • "Class of 2005"reinsurer Flagstone Reinsurance Holdings announced today (7 September) that it has entered the aviation reinsurance market.
  • It was a tale of two markets for reinsurance specialist Benfield Group with disappointing news on its new corporate risks division being more than matched by impressive earnings growth in its US division on the back of the capacity crunch for catastrophe
  • Brit Insurance Holdings plc became the latest London market insurer to report a drop in profits due to the weak US dollar, as it revealed today (5 September) its interim results.
  • Lloyd's managing agency Spectrum Syndicate Management Ltd appointed Mark Everest as legal counsel on 1 September.
  • Rating agency AM Best has removed European giant Hannover Re from review with negative implications and affirmed its financial strength rating of A (Excellent).
  • Canadian combine Fairfax Financial Holdings said the restatement of its results led to a reduction in shareholders' equity by $235.3mn as at 31 March. But as a consequence, net earnings for the first-half and second quarter of 2006 were...
  • Analysts gave a mute assessment of SCOR's interim results despite a 42 percent rise in net profits at the French (re)insurer, sending the share price of the company down 6 percent.
  • UK motor insurer Highway Insurance Holdings Plc announced the return of Andrew Gibson as its chief executive on 29 August.
  • Lloyd's insurer Kiln updated its syndicate forecasts last week lowering the profit range on three of the four open years on its two major syndicates, 510 and 557.
  • Lloyd's insurer Wellington Underwriting plc revealed that further expansion is key to its strategic development when it announced its interim results on the 31 August.
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