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March 2004/5

  • Reinsurance broker Benfield last week announced results that saw a more than threefold leap in pre-tax annual profits to £31.2mn last year from £9.8mn.
  • WTC leaseholder Silverstein Properties and insurers led by reinsurance giant Swiss Re are litigating over which contractual wordings the various parties used in placing the building’s insurance cover.
  • Despite a forecast-beating quadrupling of profits, shares in the Lloyd’s insurer Hiscox plc remained steady today (22 March 2004).
  • European reinsurer Swiss Re is set to open a branch office in Taiwan after winning regulatory approval from the Taiwan Ministry of Finance.
  • Lloyd’s insurer SVB announced today (22 March) that it has bought the business of trade credit insurer Credit Indemnity & Financial Services Ltd (CIFS).
  • Ratings agency Moody's has released its latest forecasts for Lloyd's, indicating that the market could record profits of around £6bn for the 2002 to 2004 years of account, with cumulative returns on capacity equalling profits recorded by Lloyd's between 1
  • Lloyd’s insurer Heritage Managing Agency Ltd is planning to merge two of its syndicates into one, larger unit headed by veteran Lloyd’s underwriter Les Rock.
  • Although less than some estimates, the impending IPO of insurer Catlin Group Ltd will still value the firm at a premium to many of its peers.
  • The migration of Lloyd’s Names to limited liability status took a step closer last week when the Chancellor of the Exchequer revealed in the Budget that legislation will be enacted to remove tax obstacles for conversion to English Limited Liability Partne
  • Significant steps were taken last week on the road to creating the second largest US commercial lines insurer as the St Paul Travelers super merger moved closer to reality.
  • Ratings agency AM Best downgraded Swiss insurer Winterthur Swiss Insurance Company and its subsidiary Winterthur Life last Tuesday (16 March) over capital concerns.
  • Italian (re)insurer Generali looks to be well on the road to recovery as it announced EUR1,015mn 2003 net profits last week, compared to a 2002 loss of EUR754mn and ahead of the projected EUR931mn profit under its self-imposed three-year plan.
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