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.

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

Settlement process and accounting reform in the London Market could lead to increased business, members of the International Underwriting Association (IUA) have heard.

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.