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November 2003/4

  • 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.
  • 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
  • Brit chief executive Dane Douetil has called for more honesty in the way underwriters and regulators calculate reserve strengths.
  • Marsh & McClennan (MMC) and its subsidiary Putnam is facing at least 16 lawsuits over allegations of improper fund trading, it has emerged.
  • 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.
  • 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
  • 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.
  • Ratings agency Fitch has launched a new database listing report and account information on over 6000 insurance companies across 100 countries.
  • (Re)insurer ACE last week announced a dividend of 19 cents per ordinary share, for the third quarter of 3002.
  • JLT has won a Middle East energy contract in the teeth of competition from heavyweight broker rivals Aon, Willis and Marsh.
  • A new report by reinsurer Swiss Re has highlighted how insurers can withstand the effects of financial crises in emerging markets by having a sound capital base and efficient asset-liability management.
  • Last Friday Bermudian (re)insurer Alea announced an offer price of 250p per share for its forthcoming London IPO.