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August 2003/1

  • ACE performs within expectations ACE reported $371mn of net income for the second quarter, dwarfing the $104mn figure for the same period last year. However, excluding net realised gains (losses), the figure was $286mn against $229mn last year. This
  • North American broker group Hub International Ltd has withdrawn from a proposed acquisition of the Near North National Group - the second time in under a year that take-over talks have collapsed at the 11th hour.
  • In an August report, Hartford Investment Management Company - a subsidiary of US insurer The Hartford Financial Services Group - counselled against complacency over inflation.
  • Although the power outage that affected much of New York, the Eastern United States and Canada will inevitably result in losses to the insurance industry, they are unlikely to be significant. This was the analysis of Morgan Stanley insurance analyst W
  • C.N.A. boosts reserves by $308mn US insurer C.N.A became the latest carrier to reveal sizable additions to loss developments when announcing a $308mn after-tax charge to second quarter earnings. According to the firm, the reserve boost was due to "u
  • Introducing a new column about the Russian insurance industry (“Dancing with bears”), John Helmer begins by analysing AIG’s investment funds ... A notable French medical researcher recently conducted an experiment with the drug Viagra on twelve men, wh
  • Munich Re fights back at S&P downgrade Giant German reinsurer Munich Re has rallied against rating agency Standard & Poor’s (S&P) after being downgraded from AA- to A+ with a stable outlook. In a statement, the world’s largest reinsurer by premium desc
  • Cost base will reduce in 2004 as Lloyd’s responds to investor pressures Lloyd’s is set to lower the levies it charges capital providers in response to calls that its fee structure is making the market uncompetitive against some of its rivals. The S
  • Trenwick Managing Agency (TMA) is set to rebrand following its August management buy-out from distressed parent, Trenwick Group Ltd. TMA was the last remaining underwriting operation of the Bermudian based insurer, Trenwick Group, and was finally spun
  • SQRs suggest a bumper 2002 result but US casualty causes deterioration on 2001 The full extent of the current benign trading conditions within the London market were reflected by the updated forecasts from the Lloyd’s managing agents. According to
  • Set deep within the gothic splendours of the Royal Courts of Justice, Court room 21 was the stage for a London revival last year - the unravelling of an elaborate insurance fraud. After a year-long trial, including an exhausting 110 days in court, the jud
  • Quoted Lloyd's insurer Hiscox plc announced bullish trading figures on 21 August and took the opportunity to resolve the growing uncertainty over its World Trade Center provisions. The insurer announced it was increasing its WTC loss reserves for the s