February 2004/3

Established Bermudian RenaissanceRe trumped analysts’ expectations with record earnings figures last week, posting operating earnings of $524mn for 2003, equivalent to $7.38 per share and significantly higher than consensus estimates of $1.81 a share.

Bermuda based Everest Re saw its fourth quarter net profits double from $55.6mn to $121.8mn, or $2.15 a share, as the reinsurer continued to capitalise on the strong rate environment. Operating profits rose 95.9 percent to $118.6mn excluding realised capi

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.

Bermudian giant ACE impressed analysts with a record set of results last Thursday (5 February, 2004), earning $1.4bn in 2003, equivalent to $4.93 per share, and up from $77mn or 19 cents per share the previous year, which was hit by a $354mn fourth quarte

Willis Group finished 2003 with a healthy organic growth of 15 percent for the year as it revealed total revenues had grown 20 percent to $2076mn.

Swiss Re has agreed to buy the life insurance business of Chicago-based CNA for $690m in cash.

Although an appeal is inevitable, and settlement still a possibility, it is nevertheless conceivable that in the next two months we will know whether the 9/11 attacks on the World Trade Center amount to one insurable loss or two.

Lloyd’s new digital hub Kinnect announced another first today (9 February, 2004) as it took its maiden complex open market risk.

Legislation curbing the appetite of the US plaintiff bar to launch obesity class action suits took a step closer to reality after a US House of Representatives committee recommended the proposals to a formal vote.

US insurer Allstate narrowly beat analysts’ projections as it announced a 71 percent increase in net income per share and a 22 percent rise in operating income per share for the fourth quarter 2003.

Benelux financial services group Fortis announced a $22 per share price for the IPO of its US insurance unit, Assurant on Thursday (5 February) last week.

Lloyd’s insurer SVB has launched a new specialist service company, Novae Underwriting, to target the UK SME liability market.