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December 2004/2

  • French reinsurer SCOR enjoyed a 6.3 percent bounce in its shares on Friday after the ratings agency AM Best affirmed its BB+ financial strength rating with positive outlook while also upgrading some of the reinsurer’s senior and subordinated debt instrume
  • Lloyd’s reinsurer of last resort Equitas has announced its interim results for the six-month period ending 30 September 2004.
  • In its annual review and outlook on insurance markets last week, Swiss Re painted a mostly positive picture of the prospects for the insurance industry for the coming year.
  • Jardine Lloyd Thompson plc announced last Tuesday that its various subsidiaries have received official authorisation from the Financial Services Authority (FSA) ahead of the watchdog’s rapidly approaching 14 January 2005 takeover of regulation for the UK
  • Specialist Lloyd’s insurer Hiscox has issued its third quarter 2004 forecasts for the 2001, 2002 and 2003 years of account for Syndicate 33.
  • Rosemont Re parent GoshawK Insurance Holdings has had its “A-” rating affirmed by AM Best with a stable outlook.
  • Putnam Investments, stable mate of Marsh under the wing of Marsh & McLennan Companies, and a recent subject of the regulators’ scrutiny, saw outflows from its assets under management (AUM) stabilise in October and November as it began to recover the confi
  • Heritage Underwriting Agency plc, one of the select band of insurers formed by a Lloyd’s members’ agency, will own 50 percent of its own capacity next year following a successful equity/debt fund raising.
  • Insurance specialists DLA and Piper Rudnick are to merge, creating the third largest legal services provider in the world, based on the number of lawyers, and the second largest based on revenue, according to the latest AmLaw Global 100 rankings.
  • Weeks after the New York attorney general Eliot Spitzer criticised brokers’ strategic ties to (re)insurers, Aon revealed that it sold almost its entire holding in the Bermudian headquartered Endurance Specialty Holdings Ltd.
  • The Office of Fair Trading (OFT) has announced that it will continue to review and monitor the UK liability market to ensure it continues to function without the difficulties encountered in 2003.
  • Specialist Lloyd’s liability insurer, Illium syndicate 4040 is set to launch a dedicated underwriting operation in the North of England.