February 2004/3

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.

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.

Pool Re’s role as a terrorism reinsurer for commercial property has provisionally passed the antitrust test as the UK Office of Fair Trading (OFT) announced Friday (6 February, 2004) that it satisfies the conditions for exemption under competition law.

US insurer Chubb last week reported $808.8mn in net income for 2003, a 262.9 percent increase on 2002.

Canadian insurance combine Fairfax Financial Holdings Ltd revealed a return to underwriting profit last week with “record” earnings of $271.1mn for 2003, which included a positive underwriting contribution of $87.7mn.

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

Accounting irregularities have been found at the predecessor firm of China Life, the Chinese life insurance company that held the world's largest IPO in December 2003.

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).