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.