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April 2004/3

  • Diana Humphreys, the managing director of the utility mutual Associated Electric & Gas Insurance Services Ltd’s (AEGIS) London arm, has suddenly resigned from the company.
  • Strong performance from German reinsurer Hannover Re has been rewarded with an upgrade to a positive ratings outlook from Moody’s.
  • Marsh & McLennan Companies (MMC) chairman Jeffrey Greenberg has followed in his father’s footsteps by being appointed to a prestigious position on the New York Stock Exchange’s (NYSE) executive board.
  • Lloyd's last week announced record profits of £1,892mn on the back of a benign loss environment and high premiums. The profits, recorded on a pro-forma annual accounting basis, represent a 127 percent increase on 2002's figure of £834mn.
  • In the same week that Lloyd's posted earnings of £1,892mn, specialist London market insurer Kiln announced its own set of record annual profits. In a statement released on 6 April the insurer said pre-tax earnings for 2003 had reached £33.1mn, up from 200
  • Cathedral managed Lloyd’s Syndicate 2010 had its ‘A-‘ (Excellent) rating affirmed by AM Best last Tuesday (7 April).
  • UK insurer Royal & Sun Alliance has continued its programme of selling its overseas units by revealing last week that it has agreed to sell its 81.8 percent stake in its Polish life subsidiary, T U na Zycie Royal PBK S.A. (Royal PBK), after purchasing the
  • Willis revealed last week that the Chinese Insurance Regulatory Commission (CIRC) had approved its 50 percent acquisition of Shanghai Pudong Insurance Brokers Ltd, giving the group a significant strategic platform to exploit the region’s growth potential.
  • French insurer AXA has said that its 2003 profit measured by US GAAP accounting standards was EUR3.67bn ($4.5bn), compared to a EUR2.59bn loss in 2002 using the same standards.
  • US insurer Chubb has raised doubts about its commitment to the London market with the news that it has sold its stake in Hiscox.
  • Ratings agency AM Best offered a post-IPO endorsement to Catlin by affirming the financial strength ‘A’ (Excellent) rating of the group’s Bermudian arm, and the ‘A’ (Excellent) syndicate rating of its Lloyd’s Syndicate 2003.
  • Underwriting agency Dual International has announced the launch of a new operation, initially specialising in Directors & Officers (D&O) and Professional Indemnity (PI) insurance for SMEs, based in Sydney, Australia. Other areas the new business will focu