Bermuda-based CastlePoint Holdings, Ltd. reported net income of $9.565 million and basic and diluted earnings per share of $0.25 for the first quarter of 2008. Operating earnings, which exclude capital gains/losses, for the period were $11 million and $0.29 per …
The Starr Foundation, controlled by former American International Group Inc. Chief Executive Maurice “Hank” Greenberg, has sued the insurer, claiming it misrepresented its exposure to credit default swaps. The lawsuit, filed on Wednesday in New York State Supreme Court in …
The Munich Re Group recorded a profit of €785 million ($1.2 billion) for the first quarter of 2008, down 19 percent from the €974 million ($1.495 billion) in the same period of 2007. The Group’s Operating result, which excludes finance …
Specialty insurer Kingsway Financial Services swung to a loss in the first quarter as it increased reserves at its Lincoln General and Kingsway General subsidiaries, the company said Wednesday. Kingsway, which sells non-standard truck and auto policies, said it lost …
Bermuda’s Max Capital Group Ltd. increased its gross premiums written by over 30 percent from $213.6 million to $306.6 million in the first quarter of 2008. Unfortunately, that wasn’t sufficient to escape the credit crunch that has affected most of …
In addition to its earnings announcement (see related article), Bermuda’s Max Capital Group Ltd. announced the election of James H. MacNaughton as a Director of the Company, thereby filling a vacancy on its eleven-member Board of Directors. “Max is fortunate …
Standard & Poor’s Ratings Services has said that its ‘AA-‘ long-term counterparty credit and insurer financial strength ratings on Swiss Re “are unaffected by its disclosure, as part of its first-quarter 2008 earnings announcement (See IJ web site – https://www.insurancejournal.com/news/international/2008/05/06/89725.htm), …
Bermuda-based Flagstone Reinsurance Holdings Limited managed to hold its net income for the first quarter of 2008 at almost the same level as last year, posting $32.86 million, compared to $35.6 million in Q1 2007. 2008 basic book value per …
Standard & Poor’s Ratings Services has affirmed its ‘AAA’ counterparty credit, ‘A-1+’ commercial paper, and ‘AAA’ senior unsecured debt ratings on Berkshire Hathaway Inc. (BRK). The outlook remains stable. S&P noted that although Berkshire’s net income declined to $940 million …
Royal Bank of Scotland Group Plc’s decision to sell its insurance business is likely to prompt a string of other banks to reconsider the strategic value of owning insurers. Faced with billions of dollars in writedowns, bankers expect lenders to …
