March 2004/6
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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.
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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.
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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
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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.
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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.
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Strong p/c performance could see Munich Re overtaken
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Lloyd’s insurer Beazley has announced 2003 results in line with analysts’ forecasts.
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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.
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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.
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Settlement process and accounting reform in the London Market could lead to increased business, members of the International Underwriting Association (IUA) have heard.
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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
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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.
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