October 2003/3

The expansive insurance group Brit announced this week that it has acquired renewal rights to the property insurance portfolio of Creechurch Underwriting, the small Lloyd’s insurer.

Ratings agency Standard & Poor’s has responded to criticism of its recent reinsurer downgrades, explaining that poor long-term profitability, and not just a lack of capital adequacy, was the catalyst for its actions.

German insurance companies are set to enjoy substantial tax breaks, the German finance ministry has confirmed.

US giant Hartford Financial Services Group said this week that it would miss analysts’ earnings forecasts because of higher than expected exposures to Hurricane Isabel and high litigation costs.

Connecticut based insurer WR Berkley filed last Friday to sell up to $750mn in debt securities, common and preferred stock and other securities.

Beleaguered Lloyd’s insurer GoshawK was dealt another blow last week as ratings agency Standard & Poor’s followed Moody’s and downgraded Syndicate 102 by another notch, questioning its ability to trade forward into 2004.