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.

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

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.

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.

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.

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

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.

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 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.

Marsh & McLennan Companies (MMC), parent of the world’s largest broker Marsh, shrugged off the furore surrounding its troubled investment arm Putnam to announce strong operating results for the fourth quarter and year ending 31 December 2003.