New Zealand News

Catlin’s Interim Statement Highlights Premium Gains

The Bermuda-based Catlin Group Limited’s interim management statement highlighted some significant premium increases in certain lines. The bulletin said: “Group-wide net premiums earned increased by 13 percent in the nine months ended 30 September 2010. Approximately half of this increase …

Munich Re Raises FY Profit Forecast on $2.72 Billion 9-Month Results

Validus Posts $238.5 Million Q3 Net Income; $300 Million for Nine Months

Bermuda-based Validus Holdings reported net income of $238.5 million, or $2.08 per diluted common share for the three months ended September 30, 2010, compared with net income of $499.2 million, or $5.21 per diluted common share, for the three months …

PartnerRe Reports $525 Million Q3 Net Income; $282 Million Operating

Bermuda-based PartnerRe Ltd. reported net income of $524.9 million, or $6.76 per share on a fully diluted basis for the third quarter of 2010. The bulletin said the figure “includes net after-tax realized and unrealized gains on investments of $233.0 …

Swiss Re Q3 Net Income Doubles at $618 Million; Berkshire Loan Terminated

Swiss Re reported third-quarter net income of $618 million, compared to $314 million in the prior-year period. The reinsurer also announced that the” convertible perpetual capital instrument issued to Berkshire Hathaway has been terminated with effect from 3 November 2010.” …

Argo Group Q3 Net Income $23 Million; $25.7 Million Operating

The Bermuda-based Argo Group International Holdings, Ltd. reported earnings figures for the third quarter of 2010 which show net income of $23 million or $0.77 per diluted share, compared to $27.6 million or $0.89 per diluted share for the three …

Montpelier Re Reports $90 Million Q3 Net Income; Operating $61 Million

Bermuda-based Montpelier Re Holdings Ltd. reported operating income of $0.86 per share, $60.7 million total, and comprehensive income of $1.28 per share, $90.8 million total, slightly higher than the net income figure due to the inclusion of other income items. …

Lloyd’s Warns of Contamination Hazards from Chinese Food Imports

“China was the source of most contaminated or unsafe foodstuffs that came into Europe in 2009, according to a European Union report,” as cited in an article on the Lloyd’s of London web site, which highlights the “potential hazards” for …

AXIS Capital Reports $239 Million Q3 Net Income; $164 Million Operating

Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the third quarter of 2010 of $239 million, or $1.78 per diluted common share, compared with a net loss of $96 million, or $0.70 per diluted common …

IAG Reaffirms Fiscal Year 2011 Earnings Guidance

Insurance Australia Group Limited (IAG) Managing Director and CEO, Mike Wilkins has advised the Group’s shareholders that, after the completion of the first quarter of its fiscal year, IAG was on track to meet its full year guidance of an …