February 2004/2

The run-off of the Kwelm group of companies could close as early as next year after the creditors voted to close the scheme last week.

In the second of the week’s investment rating downgrades, Morgan Stanley analysts have changed their rating on shares of Berkshire Hathaway from overweight to equalweight.

Property and catastrophe reinsurer IPC Holdings has had its investment rating downgraded from equal to overweight by analysts at Morgan Stanley.

Mutual Risk Management filed a lawsuit against US insurer John Hancock last week blaming it for contributing to the Bermudian based programme manager’s demise.

Days before the eagerly awaited trial between World Trade Center leaseholder Silverstein Properties Inc and insurers led by Swiss Re begins, came news that Deutsche Bank settled with two of its property insurers over a total loss property claim relating t

Lloyd’s insurer Wellington has appointed outsourcing firm Xchanging to handle its treaty claims written before it spun-off its reinsurance arm into Aspen in 2002.

Lloyd’s finance director Andrew Moss surprised observers last week when he resigned to become the Group finance director of UK insurer Aviva plc.

Sian Fisher became the second respected London market executive to announce a surprise resignation last week when she ended her 18-year relationship with Hiscox, a day after Lloyd’s finance director Andrew Moss resigned.

Bermudian reinsurer Max Re has reported Q4 net income of $36.4mn, or $0.76 per diluted share, compared to net income of $11mn, or net income of $0.29 per diluted share, for the same period in 2002.

In a move that will be welcomed by many European insurers, the EU’s chief financial regulator Frits Bolkenstein revealed today (2 February 2004) that unresolved issues over the implementation of new accounting standards should be postponed until 2005.

US insurer Markel Corporation continued its 2003 improvement by reporting fourth quarter net income of $4.53 per diluted share compared to $2.67 in the comparable period of the previous year.

AXA’s 2003 revenues were down 4.1 percent to €71.6bn today (2 February) as the French giant revealed turnover was affected by the strong Euro, the sale of overseas businesses in Australia, Austria and Hungary and its retrenchment from reinsurance.