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November 2003/2

  • Insurer St Paul Companies Inc reported Q3 earnings per share of 95 cents up on 52 cents for the same period in 2002.
  • Bermudian insurer Allied World Assurance Holdings revealed its annual gross written premiums have breached the $1bn barrier in its second year of trading.
  • GoshawK's Syndicate 102 has been placed in run-off following discussions with Lloyd's and the Financial Services Authority.
  • Catlin looks set to continue the trend for preferring London to New York for insurance IPOs, according to sources.
  • Montpelier Re unveiled more impressive results last week – its combined ratio for the first nine months of 2003 is averaging below 50 percent – but revealed that it has seen a slowdown in writing Lloyd’s qualifying quota share reinsurance.
  • Bermudian (re)insurer XL Capital announced stronger than expected operating earnings on the back of underwriting results that beat previous projections.
  • With investors still spooked by CIGNA’s $1bn mea culpa over its variable annuity death benefit losses last year, Converium addressed its guaranteed minimum death benefit (GMDB) exposures while revealing its third quarter results last week.
  • Bermudian giant ACE has 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.
  • The downward ratings migration of major reinsurers continued last week with the AM Best reduction of Hannover Re’s financial strength rating to A from A+.
  • PICC raises $693mn in IPO PICC Property and Casualty Co Ltd, China’s largest property insurer, successfully raised $693mn in a Hong Kong IPO last week.
  • Despite the clement underwriting conditions, Canadian insurance combine Fairfax Financial Holdings returned to loss in the third quarter after failing to realise any meaningful investment gains.
  • Chubb Corp posted a Q3 profit last week, reversing last year’s loss for the same quarter driven by asbestos reserve strengthening.