November 2003/2

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.

Insurer St Paul Companies Inc reported Q3 earnings per share of 95 cents up on 52 cents for the same period in 2002.

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.

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.