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November 2003/1

  • Royal & SunAlliance (R&SA) disappointed in November with a set of results that showed earnings at the lower end of expectations for the first nine months of 2003. The UK's second largest insurer, which announced a £960mn rights issue in September, also
  • CNA's $1.5bn reserve boost Insurer CNA announced a massive $1.5bn post-tax reserve boost in its third quarter results on 12 November. The increase in reserves pushed the company into the red, with third quarter losses of $1.76bn, or $7.94 a share, c
  • ACE shows solid performance Bermudian giant ACE announced a solid set of third quarter results, returning earnings per share (EPS) of $1.04, almost double the same period last year and topping analysts' projections by 2 cents. Income of $304mn was g
  • Munich Re misses analyst expectations by EUR277mn Munich Re missed analysts' expectations by a significant margin in its third quarter results for 2003. The world's largest reinsurer said on 25 November that it had made Q3 net profit of EUR152mn - w
  • St Paul takes strength as Travelers takes on baggage Hailed as a "merger of equals" by the management of both parties, the proposed joining up of US insurance giants Travelers and St Paul has met with a tepid response from some observers, with question
  • Litigation over the collapsed Aon 77 energy lineslip has been adjourned for four weeks because of last-minute amendments to the reinsurers’ case. The legal battle had been scheduled for early November but is now due to be heard in court 21 on 1 Decembe
  • But Everest Re stop loss exhausted on further US casualty deterioration Quoted Lloyd's insurer SVB announced a £50mn convertible bond issue in November to support a 2004 capacity expansion to £500mn. A further fund raising was not unexpected follow
  • The build-up to the renewals season was marked by calls at conferences across London for pricing discipline, underwriting profit and an end to gearing by under-reserving. Former Morgan Stanley analyst Alice Schroeder kicked off the season on 3 November
  • The thorny issue of directors' and officers' (D&O) insurance has climbed up the agenda for UK executives. As advisors pick their way through Higgs, directors face soaring premiums and tightening terms and conditions in a capacity sapped market, with many
  • Sompo eyes $104mn university gift in Fortress Re litigation Fortress Re - the Japanese backed aviation reinsurance pool which defied gravity for over twenty years before being grounded by the 11 September attacks - led an incongruous existence. At its
  • In what would appear to be a further flexing of Franchise Performance Directorate muscle, Dex Services announced on 25 November that its Syndicate 2241 was pulling out of the Lloyd's market, ceasing underwriting at the end of 2003. Managed by Thomas Mi
  • Record capacity for 2004 as departures outweighed by new entrants Lloyd's capacity growth for 2004 will not match last year's 18 percent rise, but will still break the £15bn barrier, The Insider can reveal. The slight increase in total market capaci
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