February 2005/4

The biggest fire in Madrid’s history caused estimated damage of $108mn, according to reinsurance broker Guy Carpenter. The fire gutted a 32-floor skyscraper in the Spanish capital’s finance district on 12 February. Madrid’s fourth tallest building, the Wi

A strong 2004 for Texas-based HCC Insurance Holdings saw its profits from ongoing operations grow by 45 percent from $106.9mn, or $1.66 a share, to $159.0mn, or $2.41 a share, with overall net earnings increasing from $143.6mn, or $2.23 a share, to $163.0

Refocused Bermudian property catastrophe (re)insurer PXRe reported full year 2004 profits more than 75 percent down on 2003 as strong fourth quarter performance failed to reverse the devastation of a third quarter struck by hurricane and typhoon losses.

Max Re announced on 4 February that 2004 full year net income was up from $120.6mn to $133.7mn, or $2.75 a share, as fourth quarter profits rose from $36.4mn for the three months ended 31 December 2003, to $87.1mn for the last quarter of 2004.

Post-9/11 start-up Arch Capital last Monday (14 February) reported 2004 net profits of $107.1mn, or $1.45 a share for the fourth quarter and $316.9mn or $4.37 a share for the full year, compared to $83.7mn or $1.22 a share and $280.6mn or $4.14 a share re

Converium appears to have survived the worst of the 1/1 renewals, according to the reinsurer. In a conference call on 17 February, CEO Dirk Lohmann told analysts he was “very happy” with the results of the renewals, which saw the retention of 63 percent o

World’s largest reinsurer Munich Re turned 2003’s €434mn loss – its first loss since WWII – into an impressive €1.8bn profit for 2004 on the back of a strong recovery in its ERGO primary insurance unit.

A UK court has ruled that insurers will have to pay compensation to thousands of people with pleural plaques, the scarring on the lung lining that indicates exposure to asbestos.

The first breakthrough in passing meaningful tort reform in the US came on Friday (18 February) as President George Bush signed the Class Action Fairness Act into law in the first bill signing ceremony of 2005.

A further three employees have pleaded guilty to criminal charges in connection with bid-rigging investigations by New York attorney general Eliot Spitzer.

QBE revealed last week that it has appointed Andrew McBride to the newly created role of Claims Director to its European Commercial division.

The first signs of protest over ACE Ltd’s proposed sale of its asbestos reinsurance exposures to run-off company Randall & Quilter Investments Holdings Ltd occurred last week when four of ACE’s rivals protested to the Pennsylvanian insurance regulator.