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March 2004/6

  • 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.
  • 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.
  • 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.
  • 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.
  • Strong p/c performance could see Munich Re overtaken
  • Bermudian (re)insurer Axis Capital Holdings has secured a $750mn credit agreement with a syndicate of lenders. In a press release dated 25 March, the company said the agreement was for an unsecured three-year facility that allows it to issue up to $750mn