February 2005/2
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Lloyd’s was one of a host of (re)insurers to reveal their loss exposures to the recent catastrophes that have struck the industry.
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Lloyd’s run-off vehicle Equitas continued its strategy of commuting its policies by announcing two significant agreements in recent days.
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Lloyd’s CEO Nick Prettejohn issued a stringent call for the UK’s Financial Services Authority (FSA) to take a more active role in preventing conflicts of interest caused by undisclosed broker commissions.
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Willis Re has announced the appointment of Peter C Hearn as head of its US operations following the promotion of his predecessor George Reeth to the position of president of Willis North America.
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The giant US insurer St Paul Travelers Company capped a difficult week with the news that Doug Eliot, the respected chief executive of its commercial and personal lines, was leaving the company.
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Bruce Carnegie-Brown, CEO of Marsh’s UK operations has been promoted to the position of president and CEO of the broker’s Europe and Middle East Operations.
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London market insurer Mitsui Sumitomo Insurance (London) Ltd (MSIL) has been awarded an AA- financial enhancement rating (FER) by the rating agency Standard & Poor’s.
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Zurich based financial services group Credit Suisse revealed Friday (4 February) that it has upped its payable to XL by $257mn in relation to the Bermudian (re)insurer’s acquisition of Winterthur International back in 2001.
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The storms which struck the Eastern states of Australia last week will cost around $92mn (A$120mn) in insured losses, according to Australia’s Insurance Disaster Response Organisation (IDRO).
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US insurer Chubb reported fourth quarter 2004 net income of $467.6mn or $2.39 a share last Tuesday (1 February), a significant improvement on the $72.3mn or $0.38 a share it booked in the same period of 2003 as lower asbestos charges and the turnaround of
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Bermudian giant ACE reported net income down 38 percent for the fourth quarter and 20 percent for the year last Wednesday (2 February) as it felt the impact of the sale of its Brandywine reinsurance unit late last year.
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Despite the growing suggestions from reinsurance brokers that rates are under pressure, SCOR became the latest reinsurer to issue a relatively upbeat assessment of market conditions when it described its renewals as “satisfactory”.
