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October 2003/5

  • US insurer Markel Corporation is set to unveil a third quarter loss of up to $20mn later this week as it joined a list of (re)insurers announcing reserve increases in the third quarter.
  • Willis Group Holdings announced today that it has agreed to acquire the Italian reinsurance broker Ital Re SpA, for an undisclosed sum.
  • Quoted Lloyd’s insurer Chaucer Holdings Plc will take over the business and management of Kiln’s professional liability Syndicate 1204, subject to Lloyd’s approval.
  • Everest Re Group announced a 64 percent increase in quarterly net income last week, helped by higher premium rates. The Bermuda-based reinsurer said gross premiums written for the third quarter of 2003 were $1.24bn, a 75 percent increase on the $708mn
  • IPC Holdings last week reported net income of $62.1mn for the quarter ended September 30, or $1.29 per share, compared to $45.8mn, or $0.95 per share, for the third quarter of 2002.
  • Bermudian life reinsurer Scottish Re Group Ltd has agreed to pay $151mn cash for 95 percent of Employers Re’s life reinsurer, ERC Life Reinsurance Corporation.
  • American International Group (AIG) posted record profits for the third quarter of 2003 last week despite higher catastrophe losses and a $2bn increase in reserves.
  • Bermuda’s new financial guaranty reinsurer – backed by RenaissanceRe, Partner Re, Koch Financial and MBIA – will be called Channel Re.
  • The US Justice Department has offered the French government more time to renegotiate a settlement in a long running fraud case, the Wall Street Journal reported this week.
  • Rating agency Standard & Poor’s upgraded Gerling General Insurance Company (GKA) last week to BBB (outlook positive) from BBB- (outlook positive), following Gerling’s recent EUR150mn cash injection.
  • Odyssey Re will surpass analysts’ expectations when publishing its third quarter results on Thursday (30 October), the company revealed last week.
  • Catlin Group Ltd, the Bermudian parent of blue-chip Lloyd’s insurer Catlin Underwriting Agencies, continued to bolster its management team last week with three new non-executives appointed to the board.