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

Centennial Insurance Company (CIC), revealed by The Insider in September as a new entrant to the UK professional indemnity (PI) market with a chequered past and debatable security, is understood to be the subject of a Financial Services Authority (FSA) en

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

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

The extent of the insurance industry's exposure to structured football finance was under the spotlight again this month following the publication of Premiership football club Leeds United's full year results. The results, which have been described as t

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

GoshawK's defunct Syndicate 102 successfully appealed a capital loading penalty that could have prevented losses falling on the Central Fund, The Insider can reveal. Syndicate 102 was finally placed into run-off on 31 October, after a gruelling year wh

JLT, the world's fifth largest insurance broking group, are in advanced talks to acquire rival HLF's aviation team, The Insider can reveal. HLF's well regarded aviation team is led by Nigel Weyman. Sources suggest he is set to join JLT together with a

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 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

For several years now the Russian reinsurance sector has been expecting a major storm to blow the Russian reinsurers away. To their relief, the reinsurers say it hasn't happened. Even better, they add, the growth rate last year for the domestic reinsurer

Over two years after Boeing officially announced an endemic fault on its 702/GEM telecommunications satellites, last-ditch negotiations continue in an attempt to avert a round of litigation that could cost the industry and its insurers dear. Satellite