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February 2005/3

  • World’s largest insurer AIG said last week that its fourth quarter results included a net post-tax charge of $126.9mn, or $0.05 per share, in connection with late reported losses from hurricanes and typhoons in the third quarter.
  • The controversial and politically sensitive dispute over the illegal acquisition of US insurer Executive Life by French bank Credit Lyonnais in 1991 is due to begin this week, barring a last minute settlement.
  • Lloyd’s insurer Wellington has announced its results for the 2002 year-of-account, an updated forecast for the 2003 year-of-account as well as an initial forecast for the 2004 year-of-account.
  • French reinsurer SCOR has revealed the extent to which its business declined in 2004. In its full year earnings release the company unveiled a litany of decreases in the amount of business written since its financial strength ratings were slashed in 20
  • Swiss Re echoed the upbeat message of Hannover Re today (14 February) with chief financial officer Ann Godbehere saying: “The hard market is definitely not over”
  • Fallout from WTC litigation continued apace last week when a federal appeals court ruled that the janitorial service for the buildings destroyed in the 9/11 attacks could claim as much as $127mn from Zurich American Insurance Co on its business interrupti
  • Both Aon Corporation and Willis Group Holding Ltd – the second and third largest global brokers respectively – demonstrated the ongoing cost of the investigations into broker compensation practices when announcing their 2004 financial results last week.
  • Later this week, the reinsurance industry will finally discover the impact last year’s reserving woes have had on Converium’s business.
  • Italy’s largest insurance company Generali said group premium turnover rose 13.6 percent last year to EUR56.3bn.
  • Canadian combine Fairfax Financial Holdings painted a mixed picture of its fortunes last week by announcing 2004 fourth quarter net earnings of $5.6mn, undercut by a net loss of $17.8mn for the full year. Despite this, the company insisted it “ended the y
  • US insurer CNA surprised its cassandras with an upbeat fourth quarter which included a 75 percent rise in profits.
  • Post 9/11 Bermudian powerhouse Axis Capital saw a 13 percent increase in its fourth quarter net income, according to its latest earnings statement.