January 2004/5

Last week, Bermudian insurer Allied World Assurance Company appointed a new chief executive in a move that will do little to quash speculation that the company may look to go public later this year.

US property casualty giant The Hartford preannounced a higher than expected set of fourth quarter results last Wednesday (14 January) with an 8-K SEC filing.

Bermudian giant XL Capital followed its surprise third quarter $184mn pre-tax reserve charge with a higher than expected $694mn pre-tax charge in the fourth quarter prompting ratings downgrades from Moody’s and Standard & Poor’s (S&P).

Newly floated Bermudian reinsurer Aspen is expanding its US property reinsurance underwriting with a new team based in Connecticut.

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.