October 2003/5

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.

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.

More strong results from Bermuda. This time RenaissanceRe reported better than expected earnings in its 2003 third-quarter results last week.

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.

Although Brit Insurance Holding’s relatively low return on equity was criticised recently, the company’s strong capital base will stand the Lloyd’s based insurer in good stead against some of its more over-geared rivals, predicted the company’s house brok

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.

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.

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.

Marsh and McLennan, the parent of the world's largest insurance broker Marsh, saw its share price fall this week despite the company posting a 19 percent rise in quarterly profits on the 21 October.

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.