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June 2004/6

  • In its latest Sigma study, reinsurance giant Swiss Re notes that the direct insurance industry – now worth $2.94tn – is well on the road to recovery, and will continue to show improvement this year.
  • Lloyd's has undergone an impressive turnaround since September 11 and results are likely to remain strong through 2004, Marsh-owned reinsurance broker Guy Carpenter has concluded in its latest overview of the London insurance market.
  • The insurance and reinsurance sectors are the most exposed industries in the short term to increases in the prevalence of obesity, a new report from Dresdner Kleinwort Wassertein Research (DrKW) has concluded.
  • June has become a fertile month for catastrophe bonds with at least three $100mn+ contracts either signed or close to fruition.
  • Rising interest rates may cause up to a 3 percent reduction in the average US (re)insurer’s book value by the first half of the year, analysts at Morgan Stanley have warned.
  • Despite operating momentum building from last year into first quarter 2004 results, the property/casualty industry faces its biggest challenge in its ability to maintain underwriting discipline as premiums fall off and surplus levels rise, according to AM
  • Investment analysts at Morgan Stanley have cut their rating on recently merged St Paul Travelers, after revealing concerns that the group’s environmental exposures will lead to a $650mn fourth quarter 2004 pre-tax reserve charge.
  • Lap dancing group Spearmint Rhino is in dispute with German insurer Allianz for non payment of claims, Insider Week has learned, with legal teams representing both companies appearing in London’s Royal Courts of Justice last week to agree a timetable for
  • UK BPO specialist Xchanging has announced that it will move all its operations to 34 Leadenhall Street, replacing its current three office locations.
  • Global Aerospace Underwriting Managers (GAUM) CEO Tony Medniuk has started his reign as chairman of the International Underwriting Association (IUA) with a pledge to keep technology in the London Market at the top of the agenda.
  • Figures point to lower than expected softening on rates An upbeat trading statement from Lloyd's specialist insurer Kiln provided the impetus to a more than 7 percent share price rise last week after the company said premium rates were holding up bett
  • Shares in UK brokerage Jardine Lloyd Thompson (JLT) hit a three-year low last week on fears that the company’s profits would be hit by weaker than expected reinsurance volumes.