February 2005/3

2004’s status as a record year for catastrophe losses was underlined last week when figures released by ISO’s Property Claim Services (PCS) unit revealed that US P&C insurers paid out $27.3bn in claims to homeowners and businesses over the course of the y

Arab Insurance Group (ARIG) has completed its strategy of selling-off its non-core primary insurance units with the sale of its 67 percent interest in the Moroccan insurer CNIA Assurance SA to the Saham Group.

Former XL Capital Ltd’s chief financial officer Robert Lusardi is to join White Mountains’ senior management team as executive vice-president and managing director.

Broker Monument Limited has announced the appointment of David Campbell as chief operating officer.

Argenta Private Capital Ltd has formally taken over the ongoing business of Anton Private Capital leaving only three remaining Lloyd’s members’ agencies.

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.

Start-up life reinsurer Wilton Re has been assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” by AM Best, following the company’s launch in December 2004.

The world’s largest reinsurance company Munich Re AG has further reduced its stake in the German insurer Allianz AG, according to a report in the Dow Jones newswires.

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

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.

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

Bermuda headquartered (re)insurer PartnerRe has reported net income of $143.7mn, or $2.54 per share on a fully diluted basis, for the fourth quarter of 2004.