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June 2003/1

  • Total payouts fall, but shrinking surplus and deteriorating solvency margin as balance sheet weakens Equitas unveiled financial results for the year ended 31 March 2003, announcing a £399mn increase in gross discounted asbestos reserves. The world's
  • Hiscox’s heroic wages Hiscox's bold confidence was brilliantly encapsulated in their "Comic book" style 2002 Annual Report and accounts. Snide has often been cynical about over elaborate Corporate literature - are they, one wonders, a clever wheeze to
  • A tit-for-tat letter exchange has ensued between European reinsurers and their US (re)insurance counterparts as the ground is fought out to establish the way ahead for collateral requirements of so-called "alien reinsurers" operating in the US marketplace
  • Despite revelations that Trenwick Managing Agency (TMA) is confident of securing financing to prevent Syndicate 839 sliding into run-off, the rating agency Moody's has downgraded its performance rating on TMA’s $500mn capacity syndicate to C (below averag
  • Hannover Re, the world's fifth largest reinsurer, responded to concerns over its geared capital base by raising EUR500mn in two equity offers earlier this month. The reinsurer issued 10 percent of its share capital to institutional investors on 12 June
  • Munich Re - the world's largest reinsurer by premium - released first quarter results showing an improvement on the final quarter of last year, but massive deterioration on the comparable first three months of 2002. The German group conceded earlier t
  • Shares in Benfield Group began conditional trading on the London Stock Exchange on Friday 13 June as the company announced the pricing of its IPO at 250p per share. The debut was towards the upper end of the 200p to 260p indicative price range, and val
  • Lloyd's insurer Brit expects to write upwards of £1.15bn total gross premium income in 2003 after strong 2003 renewals and new business flow in the first few months of the year. This projection is based largely on its recent all-paper acquisition of PRI (
  • Lloyd’s have appointed veteran reinsurance underwriter Bryan Kellett to represent its interests in the forthcoming Central Fund reinsurance arbitration dispute against Swiss Re.
  • Aspen Re, the London market reinsurer spun-out of the Lloyd's insurer Wellington Underwriting last year, is planning to reward its private equity backers by floating in the US later this year. Although less than a year old, Aspen plans to follow in the
  • The pricing of professional indemnity risks continues to be an art form as underwriters work against a backdrop of litigation trends and unpredictable Government intervention. But delegates attending Aon's 2 June liability seminar “The Global Landscape
  • WRB Insurance, a new £80mn capitalised UK liability insurer headed by former ACE professional indemnity underwriter Stuart Wright, will begin trading early July providing fresh capacity to a stretched sector. WRB Insurance, which is majority owned by U