All material subject to strictly enforced copyright laws. © 2021 Insurance Insider is part of Euromoney Institutional Investor PLC.
Accessibility | Terms & Conditions | Privacy Policy | Modern Slavery Act | Cookies

August 2003/2

  • Omega Underwriting Agents Ltd is also set to launch a new syndicate as it puts the finishing touches to a capital raising initiative that will almost double its capacity.
  • Lloyd’s managing agency Abacus is set to launch a new professional indemnity (PI) syndicate with former PRI underwriter Andy Dore at the helm, Insider Week can reveal. Dore left PRI in mid June after the liability start-up was taken over by Brit.
  • US insurer St Paul disappointed investors last Wednesday (30 July) with earnings below a revised analysts’ consensus, and considerably down on previous projections.
  • CIGNA’s disastrous reinsurance product VADBEs – which provided reinsurance protection to insurers writing variable annuity death benefits during the late nineties – continues to haunt the insurer.
  • As ACE Limited announced a solid set of second quarter results, the spectre of asbestos balance sheet threats loomed again amid concerns over the legacy of Brandywine and ACE INA, inherited with the $3.45bn purchase of CIGNA’s p/c operation in July 1999.
  • The last seven days have seen Bermudian stalwarts ACE and XL weigh in with steady half-year results, not quite matching the pace set by recent announcements from some of the newer start-ups.
  • Peter Matson, the co-founder of UK liability insurer PRI, has become the third key person to leave Brit Insurance Holdings after its controversial acquisition of PRI earlier this year.
  • Lloyd’s insurer Brit has responded to fears that aviation insurance rates are continuing to fall by revealing that from today (4 August) it will no longer write direct aviation business.
  • Wheeler leaves SVB Mark Wheeler, the underwriter of SVB’s liability Syndicate 1007, has left the Lloyd’s insurer.
  • Converium, the reinsurer spun-out of ZFS in 2001, reported strong growth last week, on the back of its decision to focus energies on Continental Europe.
  • In its first year as an independent entity, the London market broker Glencairn Ltd unveiled a 47 percent increase in operating income to £14.575mn for 2002.
  • Bermudian reinsurer Max Re unveiled second quarter earnings of $30.8mn, against a net loss of $5mn for the three months ended 30 June 2002, today (4 August).
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree