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February 2004/2
  • Wellington appoints Xchanging
    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.
    02 February 2004
  • MRM sues John Hancock over collapse
    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.
    02 February 2004
  • Fisher leaves Hiscox; other moves
    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.
    02 February 2004
  • St Paul breaks even ahead of merger
    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.
    02 February 2004
  • Travelers announces solid results
    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
    02 February 2004
  • The Hartford sets fourth quarter records
    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.
    02 February 2004
  • Berkshire demoted to equal weight
    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.
    02 February 2004
  • Deutsche bank set for WTC settlement
    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
    02 February 2004
  • AXA’s revenues affected by strong Euro and reinsurance withdrawal
    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.
    02 February 2004
  • Halliburton and Equitas reach $575mn asbestos settlement
    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.
    02 February 2004
  • IPC downgraded to overweight
    Property and catastrophe reinsurer IPC Holdings has had its investment rating downgraded from equal to overweight by analysts at Morgan Stanley.
    02 February 2004
  • KWELM run-off to close early
    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.
    02 February 2004
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