Company results
RenaissanceRe reports over $60m drop in net income
Net income of $210.2m or $3.66 per diluted common share in the second quarter of 2010, compared to net income available to common shareholders of $271.2m or $4.32 per diluted common share for the second quarter of 2009.
Ace CEO sees opportunities despite slow economic recovery
Ace today reported net income for the first six months of 2010 was $1.432bn (2009: $ 1.102bn) and increase of 30%.
Brit cuts UK private motor book by 60% as it reports £72.8m profit
Brit Insurance this morning reported that profit before tax excluding the effect of foreign exchange on non-monetary items increased by 12.2% to £72.8m for the first six months of 2010 (30 June 2009: £64.9m). It recorded a profit before tax of £77.5m (30…
Davies hails LV and Zurich wins as volumes jump 44%
Claims management and loss adjusting business Davies Group has unveiled a pre-tax profit of £2.8m on a turnover of £30m for the 12 months ending 31 March 2010.
AI Claims to beat forecast
Credit hire operator AI Claims Solutions said it expects turnover, profit before tax and earning per share for the financial year ending 30 June 2010, to beat market forecasts.
Beazley gives warningover energy rate spike
Worldwide energy insurance rates will continue to harden in 2010 due to the Deepwater Horizon oil disaster, with a further spike possible at the reinsurance renewal season, Beazley has claimed.
Brokers at war over contingent commissions
Aon has become embroiled in a war of words with rival Willis after it signalled its intent to once again accept contingent commissions in the US.
NIG looks to exit personal lines after sale ruled out
Royal Bank of Scotland Insurance has unveiled a plan to close its loss-making NIG personal lines business after ruling out a trade sale as "unviable" in the current market.
Arch sees income rise $85m
Arch has recorded net income of $237m, or $4.45 per share for the second quarter of this year, compared to $152.1m, or $2.43 per share for the same period last year.
Montpelier Q2 net written premiums up 7%
Reinsurer Montpelier claims that premium growth in the last quarter has been driven by its Lloyd's and US operations, particularly its marine book.
Reinsurance Group of America Q2 premiums rise 15%
For the second quarter of this year consolidated net premiums at the Reinsurance Group of America increased 15%, to $1,582m.
QBE adopts US dollar for reporting as it forecasts 40% profit drop
QBE has decided to adopt a US dollar presentation currency for 2010 onwards, as it is claims this is more relevant for measuring performance given that around 75% of business is now written in 48 overseas countries, and over 50% of annualised premium…
Top-25 reinsurance groups: In re we trust
As the world emerges from recession, reinsurance is in good shape: results improved in 2009 and market players have announced healthy combined ratios
Beazley sees rates go backwards on renewals as it hits $115.5m profit
Lloyd's insurer Beazley achieved a profit before tax of $115.5m (2009: $30.1m). It added the profit before income tax and earnings per share includes an exceptional foreign exchange gain of $33.7m.
Mapfre H1 revenues rise 9.2%
Increased international business and the recovery of sales in Spain has helped boost growth revenues at Mapfre.
Platinum Q2 income rises
Platinum Underwriters has released Q2 earnings that exceeded Wall Street's earnings estimates.
Hurricanes - financial impact: A storm is coming
After a good year in 2009 for the reinsurance industry, Philip Alexander warns of the perils heralded by the Atlantic forecast for this year, as 2010 looks to be beset by stormy weather.
DWF reports 51% hike in profits
Law firm DWF has posted a 51% increase in net profit and a 17% rise in turnover to £71.5m for its year ending April 2010.
Heath and BDML wait on Admiral
Admiral has signalled its intent to underwrite household products from 2011, in a move that is set to impact its current white label arrangements.
Aggregator set to prosper
Go Compare chief executive Hayley Parsons has claimed profits will double this year after the aggregator moved into the black for the first time since inception and repaid its loan facility early.
Prime Professions operating profit up fourfold
Prime Professions has announced its financial results for the year ended 31 March 2010.
Broker Direct sees profit fall by three quarters
Broker Direct saw its profit fall by three quarters in 2009, and chief executive Roy Green predicted the firm’s profitability will be “under pressure” for the remainder of 2010.
NIG slips into the red as RBSI brands all suffer
Royal Bank of Scotland Insurance subsidiary NIG was the only one of its major four brands to record a loss in 2009, Post has discovered.
GAB Robins boss looks overseas following MBO
The chief executive of GAB Robins UK has admitted it would like to formalise its international relationships — and could even launch its own overseas start-ups — as it seeks to grow its global markets business.