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.

Bermudian giant XL Capital had its positive fourth quarter and year-end earnings release marred last week by an announcement from rating agency Fitch that it may slash the company’s debt ratings.

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

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.

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

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

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.

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.

David Priebe, the president of Guy Carpenter Europe, has replaced Keith Fenwick as the chief executive of Guy Carpenter’s UK operations.

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.

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.