November 2003/4
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Quoted Lloyd’s insurer SVB announced this morning (17 November) a £50mn capital raise to fund an increase in capacity to £502mn, backing a new team of former PRI underwriters recently recruited from Brit.
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US insurance giants Travelers and St Paul announced today (17 November) they are to merge, creating the second largest US commercial lines insurer and bringing together $107bn total assets, $20bn of shareholders’ equity, $26bn in capital, and net written
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Brit chief executive Dane Douetil has called for more honesty in the way underwriters and regulators calculate reserve strengths.
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Marsh & McClennan (MMC) and its subsidiary Putnam is facing at least 16 lawsuits over allegations of improper fund trading, it has emerged.
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Despite improvements in underwriting performance, German giant Allianz continues to be dragged down by its ailing banking arm Dresdner, together with further investment write downs and tax charges.
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Insurer CNA announced a massive $1.5bn post-tax reserve boost in its third quarter results last Wednesday (November 12). The increase in reserves pushed the company into the red, with third quarter losses of $1.76bn, or $7.94 a share, compared with a pro
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Aspen Insurance is to launch on the NYSE with an initial public offering of 9.5 million ordinary shares at between $20 and $22 per share.
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Last Friday Bermudian (re)insurer Alea announced an offer price of 250p per share for its forthcoming London IPO.
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XL America announced on Friday (17 November) that it had bought renewal rights for professional liability business from Royal & Sun Alliance USA’s DPIC unit.
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Ratings agency Fitch has launched a new database listing report and account information on over 6000 insurance companies across 100 countries.
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(Re)insurer ACE last week announced a dividend of 19 cents per ordinary share, for the third quarter of 3002.
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JLT has won a Middle East energy contract in the teeth of competition from heavyweight broker rivals Aon, Willis and Marsh.
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