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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.
  • 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)
  • 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.
  • 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.
  • 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.
  • 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.