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July 2004/5

  • Environmental services company EnPro Industries has announced a $118mn “comprehensive agreement” with Lloyd’s reinsurer-of-last-resort Equitas in relation to its asbestos exposures.
  • Barbados-based (re)insurer Everest Re unveiled strong second quarter results last Monday (19 July), but listeners to the company’s conference call were treated to candid comments on rates and the state of the market, with softening across most lines of pr
  • US insurer Safeco has reported an increase in Q2 earnings to $247.5mn, or $1.77 per share, from $111.9mn, or 81 cents per share for the same period in 2003.
  • Bermuda based (re)insurer Alea Group has published a mid-year trading statement in which it reaffirms its positive outlook for 2004.
  • Lloyd’s wait for a replacement for former finance director Andrew Moss has come to an end, with the corporation announcing last week that it had appointed former investment banker Luke Savage to the role.
  • Bermudian (re)insurer IPC Re announced another set of strident results last Tuesday (20 July) as it booked net income of $72.1mn, or $1.49 a share for the second quarter, up from $63.2mn, or $1.31 a share in the same period last year.
  • Despite declining rates, the insurance broker Willis continued its remarkable renaissance by unveiling its eighteenth consecutive quarter of record results with second quarter net income up $16mn from last year to $96mn.
  • Lloyd’s managing agent Creechurch has revealed more details of its takeover by The Logan Trust, a charitable organisation based in Gibraltar.
  • Rating Agency Fitch Ratings downgraded its financial strength rating on Employers Re to “AA-” last week, citing concerns over the reinsurer’s reserves.
  • Recently merged commercial insurance giant St Paul Travelers confounded observers last Friday (23 July) with a supercharge, announcing a $1.625bn reserve boost ahead of second quarter results.
  • The market’s negative response to last Tuesday’s (20 July) shock profit warning and announced reserve boosting by Swiss reinsurer Converium shows no sign of abating, as the company’s share price continues its slide to less than half its value one week ago
  • Northbrook-based insurer Allstate has said net income for the second quarter of 2004 surged 76 percent, helped by increases in property-liability underwriting income and lower catastrophe losses.