January 2004/5

Recently floated Bermudian (re)insurer Alea released a buoyant trading statement today (19 January 2004), highlighting strong renewals and good prospects for the year ahead.

Another new appointment at SVB last week as the Lloyd’s insurer unveiled Tony Hambro as a non-executive director.

Reinsurance broker Benfield announced Friday (16 January) that its Australian subsidiary Benfield (Australia) Pty Limited has bought rival Airs Re Pty Ltd.

According to the International Underwriting Association (IUA), most London Market (re)insurers are in a position to prove their eligibility for exemption from Federal Excise Tax (FET) as required by a recently imposed UK/US Tax Treaty.

Despite being the world’s fourth largest reinsurer, it wasn’t too long ago that General Electric’s Employers Re was up for sale. But a year after the reinsurer took a pre-tax $2.5bn fourth quarter charge which boosted asbestos and WTC reserves but dragged