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March 2005/5

  • French reinsurer SCOR looks to have put the difficulties of 2003 behind it as it reported a return to profitability last week (24 March) and earned an upgrade from Fitch Ratings – despite record natural catastrophe losses in 2004 and a fourth quarter rese
  • Bermudian giant ACE is looking to increase its activity in the emerging markets of Eastern Europe, with the news last Thursday (24 March) that it has received regulatory approval to begin underwriting commercial property casualty business out of its Polis
  • Lloyd’s listed specialist underwriter Hardy Underwriting Group plc announced lower profits last Thursday (24 March) in line with its profits warning earlier in the month (Insider Week No 163), as windstorm losses and a potentially material financial insti
  • The drive towards digitalising claims in the London market received fresh impetus last Wednesday (23 March) with the news that four brokers and nine managing agents have signed up to use the new electronic claims infrastructure by mid-2006.
  • HCC Insurance Holdings was praised today (29 March) by Raymond James & Associates Inc’s insurance analyst Greg Peters for both its operational performance and levels of transparency.
  • More than 1,000 people are thought to have perished in the massive earthquake which struck a small island off western Indonesia yesterday – a mere 100 miles from the epicentre of the Boxing Day earthquake that left 280,000 people dead or missing across As
  • Omega Underwriting Holdings plc has become the latest Lloyd’s insurer to go public after the successful placement of its shares on the Alternative Investment Market (AIM) of the London Stock Exchange today (31 March).
  • Standard & Poor's has lowered American International Group's prized credit, debt and financial strength ratings following revelations of the insurance giant's involvement in "inappropriate financial transactions".
  • Leading transport and logistics mutual TT Club beat 2004 premium growth, underwriting and surplus targets, and now boasts a solvency level it believes will lead it to regain its ‘A-’ rating from AM Best.
  • London-listed Bermuda-headquartered (re)insurer Catlin has widened its options in Europe by launching an FSA authorised operation Catlin Insurance Company (UK) Ltd (Catlin UK).
  • Lloyd’s pre-1993 run-off vehicle Equitas announced today (29 March) that it has reached a comprehensive agreement to settle its largest direct asbestos exposure by paying $415mn into a settlement trust account.
  • American International Group chairman Hank Greenberg will formally part company with the insurance giant this week – only two weeks after agreeing to step down as the company chief executive.