February 2004/2

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.

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.

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.

A week after announcing its higher than expected fourth quarter reserve charge, US insurer St Paul unveiled fourth quarter operating figures last Wednesday that just about broke even.

US property casualty giant Travelers announced a solid if unspectacular set of fourth quarter results last Wednesday (28 January), coming in just short of analysts’ consensus estimates, and then learned it was likely to see its S&P ratings aligned with St

US giant The Hartford ended a tumultuous 2003 on a high as it delivered a strong fourth quarter performance to post net income per diluted share of $1.59, 57 percent higher than the $1.01 achieved in the last quarter of 2002.

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.

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

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.

US engineering firm Halliburton has announced a $575mn (£317mn) settlement of its asbestos exposures with Equitas, the reinsurer established by Lloyd's in 1996 as a run-off vehicle for its pre-1993 liabilities.

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

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.