March 2006/1
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Reinsurance broker Benfield Group announced an “encouraging set of results” for 2005 today (9 March), according to analysts. Group revenue rose 6.8 percent from £303.5mn in 2004 to £324.1mn last year, but the group’s trading result was...
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UK insurer Royal & Sun Alliance (R&SA) today (9 March) reported a £685mn leap in its full year after tax profits. After tax profits were £605mn last year, a marked improvement on 2004’s £80mn loss. Profits before tax rose to £865mn in 2005 from...
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Bermuda headquartered Catlin Group saw its 2005 net income plummet by 87 percent to $19.7mn after incurring a net loss of $333.5mn from the hurricanes Katrina, Rita and Wilma (KRW), it reported today (9 March). The group also announced today that it...
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Shares in UK listed Jardine Lloyd Thompson Group plc (JLT) have again fallen sharply today following the broker’s 2005 results which show a fall in profits and tough trading conditions. At midday, JLT’s shares had fallen almost 12 percent...
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As first revealed by The Insurance Insider on 6 February, Lloyd’s has chosen the former head of the International Petroleum Exchange (IPE) Dr Richard Ward to become the next chief executive of Lloyd’s following the departure of Nick Prettejohn at the...
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Giant reinsurer Swiss Re reported a 41 percent drop in its 2005 net income to SFr1.451bn from SFr2.475bn in the prior year, a result that reflected a tough year for reinsurers. Swiss Re absorbed SFr3bn in large natural catastrophe claims following...
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“Class of 2005” start-up Validus Holdings Ltd announced today (6 March) that former Merrill Lynch investment banker Joseph E. (Jeff) Consolino has been appointed chief financial officer and executive vice president of the company and its subsidiary...
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Boston-based insurer Liberty Mutual Group last Tuesday (1 March) reported a $312mn fall in fourth quarter net profits to $253mn, and a $218mn drop in full-year profits to $1.03bn as it took close to $1bn in 2005 hurricane losses. The company, which...
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Giant insurer American International Group (AIG) has formed a new unit, AIG Specialty Excess, in order to handle all in-force, new and renewal business currently handled by CV Starr & Co agency, a subsidiary of CV Starr & Co, Inc.
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Swiss Re’s new chief executive Jacques Aigrain has warned that Bermuda’s “Class of 2005” are at risk of being wiped out by a repeat of the devastating hurricane losses that led to their formation.
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Shares in (re)insurer Quanta Capital Holdings Ltd collapsed last week after the company admitted it was putting itself up for sale following deteriorating losses and a downgrade by rating agency AM Best from the crucial A- to B++.
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Ratings agency Moody’s says that the outlook for Australia's property and casualty insurance industry is stable. “The industry has registered a good underwriting performance in the last few years, largely due to its sound claims experience, driven...
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The London market has exceeded its latest target laid-down in conjunction with UK regulator, the Financial Services Authority (FSA), to ensure contract certainty of policies agreed in December. According to the Market Reform Group (MRG) – the industry
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US broker Hub International reported a fourth quarter increase of 75 percent in its net earnings, which rose to $5.9mn. Revenue for the quarter was up 12 percent to $114.1mn, while revenue for the full-year was up 25 percent to $442.6mn.
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London market (re)insurers and brokers were recognised yesterday as some of the UK’s best companies to work for, according to the annual Sunday Times survey. The medical malpractice specialist Marketform Group came 26th out of the UK’s top 100 best...
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Listed Lloyd’s insurer Chaucer reported on 28 February that it has written £125.8mn of premium, net of brokerage, during January renewals. The premiums are up from January 2005’s figure of £110.3m and represent approximately 28 percent of Chaucer’s...
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Lloyd’s insurer Wellington Underwriting plc has announced the retirement of its chief underwriting officer David Foreman in a statement to the London Stock Exchange this morning (6 March 2006). Wellington said Foreman will step down from the board...
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Lloyd’s insurer Hardy Underwriting has forecast today (6 March) that its 2005 profits will be ahead of expectations. In a statement to the Stock Market the company said: “The profit before tax of Hardy Underwriting Group for the year ended...
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Lloyd’s insurer Amlin reported last Wednesday (2 March) a record result of 25.4 percent of capacity for the 2003 year of trading on Syndicate 2001, beating the previous record of 21.7 percent on the 2002 account. The company said the result...
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Last year was a record year for cat bonds as the market continued to react to Hurricane Katrina, according to a new report called “The Catastrophe Bond Market at Year-End 2005: Ripple Effects from Record Storms” by reinsurance broker Guy Carpenter.
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London-based HSBC Insurance Brokers announced a restructuring last Wednesday (2 March), with four core divisions reporting to chief executive Mike Dixon. The new structure sees Direct Client Solutions, International Solutions, Intermediary Solutions...
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Lloyd’s has chosen the former head of the International Petroleum Exchange (IPE) Dr Richard Ward to become the next chief executive of Lloyd’s, Insider Week can reveal. But the Society is still waiting on the Bank of England to ratify the decision...
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Swiss reinsurer Converium has provided details of restated financial results following an internal review prompted by regulatory investigations into ‘finite’ reinsurance. In a statement on 28 February, the company – which has been attempting to...
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Shares in UK listed broker Jardine Lloyd Thompson Group plc (JLT) have dropped 7 percent today ahead of the company’s announcement of its preliminary 2005 results tomorrow morning.
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