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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.
  • US insurer St Paul disappointed investors last Wednesday (30 July) with earnings below a revised analysts’ consensus, and considerably down on previous projections.
  • 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.
  • 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.
  • 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).
  • Post 9/11 start-up Endurance reported a strident set of half year results last Tuesday, with net income for the second quarter more than doubling to $66.8mn or $0.99 per diluted share from $31.3mn or $0.52 per share for the comparable period last year.
  • US insurer Markel Corporation has reported strong second quarter results, returning net income of $5.97 per diluted share for the period, against $2.36 per share for the equivalent period last year.
  • 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.
  • 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.