March 2004/6

Bermudian specialty (re)insurer Alea announced last week the appointment of Mark L Ricciardelli as group president and COO. Ricciardelli joins the company from his position as president and CEO of the global casualty arm of General Electric's Employers Re

Australasian general insurer Promina announced last Thursday (25 March) its first set of annual results since being spun off from Royal & Sun Alliance (R&SA) in an IPO last May.

Reports from the US suggest that hopes for meaningful reform to the asbestos litigation system may be alive and kicking, with a new bill based on proposals tabled last year to be put to the floor on 19 April.

Strong p/c performance could see Munich Re overtaken

Independent Lloyd’s insurer Omega Underwriting Holdings Ltd revealed last week that it made a 6.2 percent profit on capacity in the loss ravaged 2001 underwriting year.

Lloyd’s insurer Beazley has announced 2003 results in line with analysts’ forecasts.

Helicopter specialist Hardy Underwriting unveiled strong 2003 results last Wednesday (25 March), more than doubling pre-tax profits from £6.66mn to £14.35mn in the process.

Lloyd’s insurer Catlin refused to comment today on speculation that its impending 1 April flotation may value the company below its initial pricing estimates.

Transport and logistics mutual TT Club harbours hopes of regaining its A- rating after reporting strong 2003 results and a positive trading outlook last Wednesday (25 March).

In a judgment handed down on 22 March 2004, London's High Court has approved the transfer of Stockholm Re's UK portfolio to Swedish firm Wasa International Insurance.

Lloyd’s is being sued for allegedly underwriting ships used in the slave trade, it emerged today.

Lloyd’s insurer SVB continued its upbeat recovery message last Wednesday (24 March) as it reported 2003 pre-tax profits of £17.8mn, or 3.8p a share, up from £10.1mn in 2002.