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November 2003/3

  • Aviation lawyer Sean Gates has launched a new legal practice specialising in aerospace, commercial and private equity law. Gates and Partners will include Dan Soffin, and Adosh Chatrath, both former partners with Gates’ former practice Beaumont and Son.
  • National Association of Insurance Commissioners (NAIC) president Mike Pickens has advocated modernisation of state insurance regulation in the US, but baulked at suggestions that power should be taken away at the state level, as some have suggested with p
  • AM Best has reaffirmed the ‘A’ (Excellent) financial strength rating of Lloyd's Syndicate 510, the RJ Kiln-managed Lloyd’s syndicate, citing excellent current and prospective operating performance and business position.
  • Aon, the world’s second largest insurance broker, saw its net income fall by nearly 10 percent in Q3 2003 on the back of losses at its discontinued automobile finance servicing business, according to its results published last week.
  • Insurer CNA surprised the markets last week with news that it would push back the date of its earnings announcement from 6 November to 12 November.
  • Mutual fund hit by lawsuits, client withdrawals, ratings downgrades
  • Insurer The Hartford Financial Services Group announced a 29 percent increase in net income for the third quarter of 2003.
  • Berkshire Hathaway posted a 58 percent increase in third-quarter earnings including investment gains last Friday (7 November).
  • Bermudan specialty lines insurer Axis Capital Holdings reported a 60 percent increase in Q3 earnings, helped by a more than doubling of gross written premiums.
  • Post 9/11 start-up Endurance kept its pace into the third quarter, almost doubling net income for the period from $28.9mn to $56.5mn, or $0.83 per diluted share compared to $0.48 in 2002. Net income for the year-to-date stands at $174.5mn, or $2.68 per sh
  • Fitch Ratings upped the stakes in its robust stance with reinsurers last week when it questioned the motives behind the latest round of capital raising.
  • Last Thursday (6 November 2003), troubled French reinsurer SCOR announced a loss of EUR349mn for the first nine months of the year as it struggles to cope with prior year adverse development and flagging attempts to commute liabilities from its Bermudian