March 2005/4

Ratings agency AM Best has affirmed the financial strength rating of the P&C subsidiaries of US insurer Chubb at “A++” (Superior).

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

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.

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.

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.

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.

2004 proved to be another difficult year for Lloyd’s insurer SVB as continued promise in the turnaround of its ongoing business was once again overshadowed by the legacy of its past.

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).

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.