Aspen loss into profit
Aspen Insurance Holdings has reported a net profit of $95m (£50m) for its third quarter this year. In the same quarter in 2005 it made a loss of $362m (£190m). Its gross …
Aspen loss into profit
Aspen Insurance Holdings has reported a net profit of $95m (£50m) for its third quarter this year. In the same quarter in 2005 it made a loss of $362m (£190m). Its gross written premium (GWP) was $457.5m (£240.8m), and net investment income stood at $47.3m (£24.9m). The company's shareholders' equity increased from $2bn (£1bn) at 31 December 2005 to $2.3bn (£1.2bn) at 30 September 2006.
HSBC profits plunge
HSBC Insurance Brokers has seen its profit before tax plunge by more than half for the year ended 31 December 2005. The Lloyd's broker reported a profit of £21.2m in 2005 compared to £49.7m in the previous year. However, operating profit before financing income rose to £498,000 after a loss of £1.8m in 2004.
New Chaucer syndicate
Lloyd's insurer Chaucer Holdings has officially agreed to establish a new managing agency. The company has exchanged agreements with Quanta Capital Holdings and the senior underwriting team of Syndicate 4000 to establish Pembroke Managing Agency.
Max Re chief quits
Robert Cooney resigned as chief executive of Max Re after the announcement that the audit and risk management committee has re-opened its internal investigation into finite transactions.
