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October 2004/3

  • Swiss reinsurer Converium paid the price of getting its $420mn rescue rights issue package approved last week, with news that it faces at least four shareholder class actions following this summer’s revelations that it was significantly under-reserved.
  • Rating agency AM Best has downgraded the financial strength rating of Tryg-Baltica after an announcement on 7 October that the Danish reinsurer would be placed into run-off following its sale to Swedish rival Sirius.
  • SOC Group, the Lloyd’s insurance agency close to collapse a year ago, is in merger talks to acquire Anton Private Capital, Insider Week can reveal.
  • Uncertainty surrounding aggregate storm losses will impact earnings releases Recent hurricane activity is likely to lead to a “messy” third-quarter set of results, analysts at Morgan Stanley have warned.
  • Chris Fagan, the former chief executive of insurer GoshawK, is behind an attempt from a Japanese private equity house to take the company private.
  • Euclidian, the Berkshire Hathaway backed insurance company, is close to merging with fellow Lloyd’s insurer Canopius, Insider Week can reveal. According to sources, the two companies remain locked in discussions that could see the firms combine in tim
  • UK based insurer Brit has announced the appointment of Richard Mander to its Marine and Energy Liability business for Brit Insurance Limited and Syndicate 2987.
  • Bermudian reinsurer Montpelier Re has formed a facility to underwrite terrorism cover in conjunction with a US government agency, Overseas Private Investment Corporation (OPIC).
  • Despite a $300mn after-tax hurricane bill from its recently rebranded (re)insurance unit GE Insurance Solutions, the giant conglomerate General Electric saw its third quarter earnings up slightly at $4.05bn
  • The European Union compromised last week on a controversial proposal designed to ban unequal treatment based on gender.
  • Recently listed UK motor insurer Admiral has invoked a downgrade clause with its quota share reinsurer Converium and replaced them with Gen Re and Axis Re Europe.
  • XL Capital has replaced Rob Lusardi, the head of one of its three core business units, with Paul Giordano.
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