March 2004/4

Despite the large loss of life, the 11 March Madrid terrorist attack will have only a limited impact upon the industry because of the longstanding government backed compensation fund, the Consorcio de Compensaciones de Seguros.

Lloyd’s Insurer Cox is in takeover talks with rival motor insurer Highway, it has emerged.

Judgment to examine whether excess of loss reinsurers can expect a 'duty of care' from direct insurers

It was a week to be forgotten for the industry’s US directors’ and officers’ insurers as yet more class action suits surfaced, while a “get tough” attempt by leading carrier Chubb was dismissed by the US courts.

Despite a decline in group operating profit from £226mn in 2002 to £140mn for 2003, ratings agencies and analysts have not echoed the stock market negativity that saw Royal and Sun Alliance (R&SA) shares drop almost 15 percent last Thursday (11 March) as

Nine intense typhoons and 17 typhoons are predicted for the forthcoming Northwest Pacific typhoon season according to the latest forecasts from the Tropical Storm Risk (TSR) consortium.

Bermudian (re)insurer Aspen revealed last Monday (8 March) the identity of its new US property reinsurance team.

Reinsurance broker Benfield has announced the sale of 2,390,785 shares in Bermudan reinsurer Montpelier Re, with effect from 15 March.

Heath Lambert Group has confirmed that it will sell its Sydney based Australian insurance broking business, Heath Lambert Australia, to rival brokers Marsh.

Dutch insurer Aegon has announced a 16 percent increase in net profits for 2003 - the result, it said, of better performing stock markets and fewer bond defaults.

Bermudian insurer PXRE announced last week (10 March) a strategic reorganisation of its underwriting and support operations which will see a 10 percent reduction in staff and estimated cost savings of some $2.7mn for the remainder of 2004 and some $4mn in

Bermudian insurance group Arch Capital will capitalise on strong investor sentiment towards specialist (re)insurers by launching a public offering of 7,285,000 of its common shares.