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  • Willis Group finished 2003 with a healthy organic growth of 15 percent for the year as it revealed total revenues had grown 20 percent to $2076mn.
  • Swiss Re has agreed to buy the life insurance business of Chicago-based CNA for $690m in cash.
  • Although an appeal is inevitable, and settlement still a possibility, it is nevertheless conceivable that in the next two months we will know whether the 9/11 attacks on the World Trade Center amount to one insurable loss or two.
  • Lloyd’s new digital hub Kinnect announced another first today (9 February, 2004) as it took its maiden complex open market risk.
  • Legislation curbing the appetite of the US plaintiff bar to launch obesity class action suits took a step closer to reality after a US House of Representatives committee recommended the proposals to a formal vote.
  • US insurer Allstate narrowly beat analysts’ projections as it announced a 71 percent increase in net income per share and a 22 percent rise in operating income per share for the fourth quarter 2003.
  • Benelux financial services group Fortis announced a $22 per share price for the IPO of its US insurance unit, Assurant on Thursday (5 February) last week.
  • Lloyd’s insurer SVB has launched a new specialist service company, Novae Underwriting, to target the UK SME liability market.
  • The Financial Services Authority (FSA) has issued prohibition orders against six former directors of the European division of Chiyoda Fire and Marine Insurance, now known as Aioi Insurance Company of Europe Limited.
  • Latest figures from the International Underwriting Association (IUA) further underline the strength of bumper 2003 underwriting conditions, as the London company market showed a positive cash flow of more than £2.5bn.