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January 2005/4

  • The Munich Re Group now expects to see 2004 profits of between €1.7bn-€1.9bn after an associated company revealed write-downs of €2.5bn in its annual financial statements.
  • Insurers’ discipline appears to hold
  • Figures released by the Minerals Management Service (MMS) have revealed the continuing impact of Hurricane Ivan on Gulf of Mexico oil and gas production.
  • Insurers AIG, ACE and Aegis have settled their share of energy losses claimed by oil giant BP.
  • XL Capital became one of the first insurers to provide specific guidance on the Boxing Day Indian Ocean tsunami when predicting a pre-tax net loss of $75mn last week.
  • The Connecticut attorney general Richard Blumenthal vowed to launch a series of legal actions over alleged insurance industry abuses when he filed a lawsuit against Marsh and ACE Ltd last week.
  • ‘Placement Model Proposal’ endorses transparency; suggests additional fees may be charged. Marsh’s UK retail operation plans to offer customers a 2-5 percent discount off the “nett” price of cover, and has not ruled out charging the market extra...
  • In the January 2005 edition of The Insurance Insider, we refer to the JLT executive Jonathan Marland as the Conservative MP for Somerton & Frome. This is a mistake. He is the Conservative candidate for Somerton & Frome.
  • Nigel Hanbury, the chief executive of Lloyd’s members’ agent Hampden Agencies, has been elected to the Society’s ruling body, the Lloyd’s Council.
  • The Japanese government will increase its limit for earthquake reinsurance payments for the first time in three years, according to the Daily Yomiuri newspaper.
  • Equity analysts at investment bank KBW have taken a neutral stance in their 2005 sector overview of European insurers, citing the end of the hard market, possible non-life reserve shocks and the fact that any good news on the sector has already been price
  • Brit to pay outstanding claims
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