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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
  • Lloyd's (re)insurer Chaucer's plans to merge its syndicates 587, 1084 and 1096 into one have met with a mixed reception. The move, initially announced in Chaucer's prospectus for its recent successful £42mn placing and open offer (see Insider Week 65)
  • Unless an 11th hour settlement can be struck through the current mediation, the controversial Aon 77 dispute will proceed to trial in the UK High Court on the 27 October. At time of going to press, the parties exposed to the giant energy claim are continu
  • 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 (
  • In the early 1980s, when Lloyd's recruitment drive signed up thousands of new members, little mention was made of open years. Yet twice since, as the underwriting cycle bottomed out, open years have become a millstone around the necks of capital providers
  • 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
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