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August 2004/5

  • Despite the collapse of its Lloyd’s parent last year and uncertainty over its future ownership, Bermudian based Rosemont Re can still attract talented underwriters, notes Shore Capital insurance analyst Eamonn Flanagan.
  • Scandinavia’s general insurers are expected to continue churning out strong results in 2004 said Standard & Poor’s (S&P) as the rating agency published a report on Friday (20 August) maintaining its stable outlook on the sector.
  • The chairman of the French mutual insurer Groupama resigned last week. Jean Baligand, who had been chairman of the insurer’s mutual board since 1996, resigned “due to personal reasons”.
  • Swiss reinsurer in crisis Converium confirmed last week (20 August) that it is on track for a 31 August announcement detailing actions it will take to shore up its capital base in the aftermath of last month’s shock $385mn reserve charge and profits warni
  • Despite increasing half-year net profits by 93 percent to an impressive $1.448bn, the spectre of US legacy business returned to haunt Zurich Financial Services (ZFS) as the insurer revealed it had boosted net reserves by $656mn, with $582mn targeted at it
  • Amlin smoothed fears over falling rates last week by providing a reassuring assessment of market conditions, while also improving slightly the forecasts on its 2002 and 2003 underwriting forecasts.
  • Despite its status as the second largest hurricane loss in US history, reports suggest that Hurricane Charley will have less impact on insurers than initially expected.
  • Lloyd’s insurer Wellington Underwriting plc has completed its search to replace retiring chief executive Julian Avery by continuing the trend of London market companies appointing investment bankers.
  • Nick Metcalf, the former head of XL Capital’s London market operations, is set to return to underwriting by joining the fast expanding (re)insurer Arch Capital Group Ltd.
  • The theft of iconic Edvard Munch’s paintings The Scream and Madonna from Oslo gallery, Norway over the weekend will not lead to an insurance loss because they were not covered.
  • After reporting a $1.6bn reserve charge and a $275mn second quarter net loss in its first interims as a combined entity, and amid growing doubts about the rationale behind its merger, US property casualty giant The St Paul Travelers Companies received a w
  • Insurers have continued to count the cost of Hurricane Charley this week with firmer loss estimates coming from US, Bermudian and European companies appearing to steady midpoint total loss estimates at around $7bn-$8bn.