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March 2004/3

  • Insurance giant ACE Ltd revealed last week that its previously reported after-tax 2003 earnings would improve by $23mn following the early termination of a derivative contract.
  • The London Market travelled further down the road to reform last week as the Lloyd’s Market Association (LMA) announced a new market repository for electronic claims files, commissioned from IT outsourcing firm Xchanging.
  • Lloyd’s insurer Brit announced bumper results for 2003 last week, with profits increasing seven-fold on the back of a more than 50 percent rise in gross written premiums.
  • The turmoil caused by a morass of US corporate scandals and the subsequent litigation that has followed, has led to insurers attempting to rescind Directors and Officers (D&O) cover, a London seminar heard last week.
  • In his much-anticipated annual letter to shareholders, the world’s second richest man Warren Buffett railed against scandal-struck mutual fund companies and corporate greed, as his investment company Berkshire Hathaway unveiled profits that nearly doubled
  • Atrium joined its peers on 2 March announcing 2001 as an "excellent result in a difficult year" for its Syndicate 609, alongside Syndicate 570 performance "better than previous forecast". Syndicate 609 made a 4.4 percent profit on £66.1mn, near the top en
  • The premium income of the four major European reinsurers grew by 2 percent in aggregate following this year’s renewals season, according to research from brokers Benfield.
  • US insurer Chubb declared an increased quarterly dividend last Friday (5 March) of 39 cents a share, up 8.3 percent on the 36 cents paid out last quarter.
  • Hot on the heels of its Syndicate 2020 results and projections last month, Wellington has received a series of positive appraisals from analysts.
  • Specialist Lloyd’s insurer Hardy Underwriting has announced its syndicate results for 2003 and forecasts for the coming year.
  • Lloyd’s has announced that Philip Lader, formerly US ambassador to the United Kingdom, will join the Lloyd’s Council as a nominated member.
  • 2003 saw the seventh highest number of victims from natural and manmade disasters since 1970, according to a new report from reinsurer Swiss Re.