February 2004/3

Allianz Australia agreed last month to pay A$120mn to the creditors of HIH, the Australian insurer which collapsed in 2001 with debts of around A$6bn.

A new report by Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, estimates that approximately $1.8bn of catastrophe-linked securities were placed in 2003, with the trend towards innovative transa

The Financial Services Authority (FSA) has issued prohibition orders against six former directors of the European division of Chiyoda Fire and Marine Insurance, now known as Aioi Insurance Company of Europe Limited.

On the eve of the key 12 February renewal date for shipowners’ protection and indemnity cover, came encouraging news from rating agency Standard & Poor’s (S&P).

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.

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.

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

Latest figures from the International Underwriting Association (IUA) further underline the strength of bumper 2003 underwriting conditions, as the London company market showed a positive cash flow of more than £2.5bn.