May 2003/2

Corporation accounts reveal growing shortfall and £19.9mn fees to support Project Blue Mountain

Royal & Sun Alliance (R&SA) moved further along the road to recovery last week as better than expected first quarter financials were greeted with a positive response by the markets. This comes just ten days after R&SA successfully floated off its rebrande

ZFS posts encouraging 1Qs Zurich Financial Services Group continued along its path of rehabilitation last week when posting first quarter net income of $114mn, against a comparable $6mn profit last year.

As widely expected and reported in issue 70 of Insider Week, Republican Senator Orrin Hatch introduced his much anticipated bipartisan bill last Thursday to establish a $108bn trust fund to provide compensation to asbestos victims. The Senator announced h

Lloyd’s plans to address its historically low exposure to the European P&C insurance markets, revealed the Society’s chairman Lord Levene last week.

As concrete barriers were erected around the Palace of Westminster last week, Swiss Re released a publication concluding that terrorism risks resulting in property and business interruption losses are insurable, even in the post-9/11 world.

Following protracted – but eventually successful – attempts to gain PRI board support for its takeover bid, Brit was pleased to announce last Friday the swift unconditional shareholder acceptance of its all share Offer.

Benfield, the world’s third largest reinsurance broker, will distribute listing particulars to potential City investors tomorrow (Wednesday 28 May) valuing the management owned firm at around £650mn.

Defiant London market contingency underwriters scored a victory last week in the UK High Court against claims by the insurer of Atletico Madrid, a Spanish football club, that it should be compensated for relegation.

Franchise Board member Stephen Catlin has relinquished his duties as active underwriter on Lloyd’s Syndicate 2003, handing the reins to Paul Brand, his deputy of the past 12 years.

AlphaStar – the firm trying to rise from the ashes of Stirling Cook Brown (SCB) – has landed itself in hot water with Nasdaq for late filing violations.

Bermuda based Allied World Assurance Holdings announced last Wednesday the opening of the London underwriting office of its Irish insurance subsidiary, marking a further step in its rapid expansion. Allied World Assurance Company (Europe) Limited (AWAC-E)