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.

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.

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.

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

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.

Sirius International – the Swedish insurer long suffering under the weight of parent ABB Group’s troubles – will be rescued in an acquisition planned by broker market US reinsurer Folksamerica.

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.

GoshawK has parted company with its chief executive Chris Fagan as part of a management reshuffle, the company announced on 10 November.

Heath Lambert Group, the world’s seventh largest broker, has unveiled a management shuffle as part of a financial restructuring which may end speculation about the Group’s future.

Lloyd’s announced last Friday (7 November) that use of the LMP slip will be mandatory from the beginning of 2004, a move backed by the major market associations and heralded as the crucial first step to streamlining backward business processes.

The UK’s second largest general insurer Brit Insurance Holdings Plc has bolstered its casualty arm by appointing four new underwriters, including former Limit director Peter Battle.