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March 2005/4

  • German giant insurer Allianz reported a strong set of 2004 results last Thursday (17 March), prompting ratings agency Fitch to upgrade the company and its subsidiary Dresdner Bank.
  • World number two reinsurer Swiss Re announced profits up from SFr1.7bn to SFr2.5bn last Thursday (17 March), as it committed to earnings growth through the insurance cycle, targeting 10 percent a year increases in earnings per share.
  • World’s largest reinsurer Munich Re made a solid if unspectacular start to its 125th anniversary year with the announcement of EUR1.8bn 2004 profit, marking the mid-point of its own projected range of EUR1.7bn to EUR1.9bn – lowered after an associated com
  • As reported in the March issue of The Insurance Insider, City grandee Michael Spencer has joined the board of London market start-up Oxygen Holdings plc.
  • Following months of speculation, Lloyd’s motor specialist Cox Insurance Holdings announced on 16 March that it has reached a provisional agreement with a consortium led by ousted CEO Neil Utley to buy the company.
  • Specialist Lloyd’s insurer Chaucer has announced record pre-tax profits of £38.2mn, a 6.7 percent increase on 2003’s £35.8mn figure.
  • Lloyd’s listed insurer Beazley spoke of market conditions that remain “pretty good” as it announced 2004 profits that almost doubled from £17.1mn to £33.4mn, and earnings per share up from 5.0p to 9.3p year-on-year – despite its managed syndicates being h
  • The recent P&I renewal season was characterised by a split between clubs determined to maintain discipline and charge published rate increases, and those who let discipline slip, according to Aon’s P&I division P.L. Ferrari & Co (Aon PLF).
  • Broker Glencairn has announced the appointment of Steve Hearn to the role of chairman in addition to his current role as chief executive.
  • Ratings agency AM Best has affirmed the financial strength rating of the P&C subsidiaries of US insurer Chubb at “A++” (Superior).
  • Industry grandee Bob Clements, the founding chairman of Bermuda’s Arch Capital, is to step down from his position at the company, with current vice-chairman Paul Ingrey taking his place at the beginning of next month (1 April 2005).
  • Bermuda’s youngest post-9/11 start-up reported a maiden set of full-year results blighted by hurricane losses that led to a net loss of $54.6mn, or $0.96 a share for 2004.
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