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July 2004/2

  • Lloyd’s insurer Kiln is close to topping out its £260mn Syndicate 510 property capacity for 2004, surprising the marketplace and leaving some brokers high-and-dry when it comes to placing renewal business.
  • Despite fears of declining rates, the first quarter of 2004 was a stunning year for US P&C insurers, according to data from the research firm ISO and the Property Casualty Insurers Association of America.
  • The second stage of the World Trade Center trial between WTC leaseholder Silverstein Properties and nine remaining insurers is scheduled to begin on 11 October 2004.
  • The UK regulator Financial Services Authority brought its new risk-based capital regime a step closer last week with publication of the rules determining how much capital insurance companies will have to hold before they can be authorised.
  • SCOR’s EUR180mn 4.125 percent senior unsecured “OCEANE” bond has been assigned a “BB” rating by Fitch, matching the French reinsurer’s long-term rating.
  • Lloyd’s defeats Florida Marlins in controversial claims Lloyd’s insurers have successfully disputed a $7.7mn PA claim from the US baseball champions Florida Marlins following a protracted legal battle.
  • Ratings agencies Moody’s and Standard and Poor’s (S&P) have taken opposing stances on Finnish financial services company Sampo’s increase in its stake in pan-Nordic insurer If to 90 percent from 38 percent in February 2004.
  • Ratings agency Standard & Poor's (S&P) has assigned an “AA” senior unsecured debt rating to approximately EURO640mn of three-year mandatory convertible securities issued by reinsurer Swiss Re.
  • Germany’s Hannover Re received a boost last week with the news that ratings agency Standard & Poor’s (S&P) has upped its outlook on the reinsurer from negative to stable to reflect its improved reinsurance recoverables position.
  • Highway Insurance Holdings has bought personal lines insurance broker A Quote Insurance Services Limited for £4.6mn.
  • Giant reinsurer Swiss Re kicked off the third quarter of 2004 by revealing it is further expanding its Admin Re business in the UK by sealing a £333mn cash deal for Life Assurance Company Limited, including its life insurance subsidiary Windsor Life.
  • UK reinsurer Benfield has announced the sale of its holding in Benfield Sports International (BSI), a sports marketing consultancy.
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