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

Straight talking Willis supremo Joe Plumeri warned the London market that it must change its outlook to achieve consistency of returns, growth and earnings, as he enthralled his Lloyd’s library audience in last Wednesday’s (10 March, 2004) Insurance Insti

Ratings agency Moody’s last Friday (12 March, 2004) downgraded SVB’s Syndicate 1007 from A1 to A2 after the Lloyd’s quoted insurer revealed further deterioration on its 2001 result.

Recently floated reinsurer Alea Group Holdings Ltd became the latest carrier to trumpet the current strong trading conditions by unveiling a falling combined ratio and growing underwriting profits.

Amlin was the latest Lloyd’s insurer to post bumper profits on the back of the hard market when it announced a combined ratio of 83 percent (against 95 percent in 2002) and a 31 percent increase in gross written premium to £937.4mn for its 2003 year-end r

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.

Bermudian insurer ACE last week announced that Evan Greenberg would assume the role of CEO as of 27 May 2004. The move will see the replacement of current ACE chief Brian Duperreault, who, ACE said, will remain as chairman.