December 2003/2

Bermudian based White Mountains Insurance Group Ltd agreed to buy Swedish (re)insurer Sirius Insurance earlier this month, as first revealed in The Insurance Insider's 10 November edition of its sister publication Insider Week.

Benfield is likely to report lower than expected results because of the weak US dollar, according to the broker's latest trading update.

As downgrades continue to hit insurers blighted by adverse prior year development, one member of a shrinking club of highly rated US insurers enjoyed an upbeat November as it unveiled record third quarter results and announced its investment in Lloyd's pr

Despite the old adage that losses from bad years only get worse, latest estimates from Lloyd’s syndicates hold out hope that the awful 2001 underwriting year may yet plateau.

As the renewals season rolls on, the world's largest insurance broker Marsh has outlined its terms for placement service agreements (PSAs) - off slip payments from underwriters to brokers in return for a guaranteed proportion of business or profit.

Exits and contractions outweighed by start-ups and syndicate growth

French reinsurer SCOR looks to have struggled through a difficult month as it put another set of poor results to one side to win shareholder support for a €750mn rights issue, cautious backing from rating agencies, and a return to the security lists of le

Marketform Acquisition Company Limited has attracted £15mn of equity finance from Caledonia Investments plc as it continues to capitalise on the strong rates for non-US medical malpractice and other specialty liability insurance.

There was more courtroom drama this month with a mammoth case management conference for the forthcoming film finance litigation.

Industry financier Sir Laurie Magnus has warned that the London market is in danger of being overtaken by US and Bermudian insurers unless it works to improve its claims processes and standards of professionalism.

Those inclined to a "half full" interpretation of the global insurance industry were encouraged this month by two relatively upbeat reports.

Inhabitants of the Caribbean and the US East Coast should expect another active Atlantic hurricane season next year, weather experts have warned.