News analysis: H1 reinsurer results slump

Mike McGavick

Bermudan reinsurers recorded huge drops in profits following heavy claims from the catastrophes experienced in the first half of the year, though elsewhere some reinsurers fared better, writes Katherine Blackler.

Validus made a $6.6m operating loss for the first half of 2010 compared with a net operating income of $210.8m for the same period in 2009.

Net income for the six months ending June 30 2010 was $61.4m

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ABI insists fire safety scheme is temporary

Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning commission for arranging cover.

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