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August 2003/4
  • The Hartford outperforms after rocky Q1
    US (re)insurance group The Hartford Financial Services announced last Wednesday that profits for the second quarter increased nearly threefold on the same period last year.
    18 August 2003
  • Partner Re outperforms expectations
    Bermudian reinsurer Partner Re has followed a solid first quarter with a stronger second quarter performance, comfortably beating analysts’ expectations.
    18 August 2003
  • Watson leads Trenwick MBO; parent files for chapter 11
    The future of Trenwick Managing Agents Ltd was secured last week, after the Lloyd’s insurer’s management agreed a buy-out from its distressed parent, Trenwick Group Ltd.
    18 August 2003
  • IUA members grow premiums
    London’s company market insurers have expanded their underwriting exposures in the wake of the improved rating environment, according to figures released from the representative body, the International Underwriting Association.
    18 August 2003
  • Berkshire Hathaway more than doubles profits
    Berkshire Hathaway, the holding company run by billionaire investment guru Warren Buffett, announced last Friday that profits had more than doubled in the second quarter of 2003.
    18 August 2003
  • Alexander Forbes forms African reinsurance venture with PDS
    South African insurance broker Alexander Forbes has launched a joint venture with PDS Holdings which plans to become Africa’s largest reinsurance broker, the firm announced last week.
    18 August 2003
  • PXRE in good shape as Radke steps into father’s shoes
    Bermudian reinsurer PXRE announced quarter to quarter growth of 13 percent last Wednesday, as net income rose from $19.0mn for the second quarter 2002 to $21.5mn this time round.
    18 August 2003
  • St Paul facing new asbestosis threat
    US insurer St Paul is defending fresh asbestos related litigation as plaintiffs argue the company was negligent for failing to warn of the dangers.
    18 August 2003
  • Swiss Re takes Zurich Life
    Reinsurance giant Swiss Re is to buy a proportion of the UK life insurance business of its compatriot Zurich Financial Services (ZFS) in a deal worth a total of $460mn. The move follows Zurich Life’s decision to stop taking on new business from 27 August.
    18 August 2003
  • HCC unveils strong 2Q results and Rockwood acquisition
    Houston Casualty Company Insurance Holdings Inc, the US based specialty insurer, unveiled strong earnings for the second quarter with net earnings increasing 29 percent to $34.7mn.
    18 August 2003
  • C.N.A. boosts reserves by $308mn and sounds warning
    US insurer C.N.A became the latest carrier to reveal sizable additions to loss developments last week when announcing a $308mn after-tax charge to second quarter earnings.
    18 August 2003
  • AXIS powers ahead with rapid US growth
    Hot on the heels of its successful float on the New York Stock Exchange, Bermudian AXIS Holdings has reported continued strong performance for the first six months of the year.
    18 August 2003

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