November 2004/4

Sirius completes Tryg buy Bermuda’s White Mountains Re continued its rapid expansion with the completion of subsidiary Sirius International Insurance Corporation’s acquisition of fellow Scandinavian company Tryg-Baltica Forsikring.

Rating agency Moody’s has upgraded its performance rating on Imagine Underwriting Syndicate 994 to “C+ Below Average” from “C Below Average”, with a positive outlook.

Lloyd’s listed vehicle Kiln plc announced last week that Professor Ian Percy will retire as chairman with effect from 4 March 2005 and as a director from 31 March 2005.

Aviation insurance rates continue to fall, according to the latest quarterly review from broker Aon, which compiles data on renewals.

Lloyd’s broker Agnew Higgins Pickering has announced the retirement of Chairman Tony Pickering.

Directors and employees of brokers Benfield have sold stocks worth £38mn as part of a placing of over 12 percent of the company's shares.

Bermudian (re)insurer AXIS has announced the realignment of its organisational structure to, in its own words, “enhance the brand and operations of its insurance businesses and its reinsurance businesses globally”.

Lloyd's insurer Wellington has outsourced its procurement of external professional advisors to back-office specialist Xchanging.

Royal & Sun Alliance (R&SA) released analyst beating interim results last Thursday (11 November) as its ongoing operations continue to prosper.

Lloyd's announced on 10 November that it had successfully set terms for its £500mn subordinated debt issue after an extensive road show that took it to investors in the UK and continental Europe.

Germany’s Hannover Re reported third quarter figures stung by the recent catastrophic windstorms in the US and Japan, with operating profit of just €32.6mn for the quarter, compared to €216mn for the same period last year. The group’s quarterly €20.4mn ne

German giant Allianz shrugged off the impact of US hurricane losses to more than double net profit for the first nine months of the year from €732mn last year to EUR1.8bn, with contributions across the board – including once-ailing Dresdner Bank, which co