February 2005/2

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.

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

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”.

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).