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.