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SCOR fights back after another downgrade
Troubled French (re)insurer SCOR has rallied against AM Best after having its financial strength ratings downgraded last Wednesday, as the industry continues to lay down battle lines between itself and ratings agencies.
15 September 2003
Aon: market softening depends on “who blinks first”
Buyers and sellers in the reinsurance industry expect rates in some short tail business to fall in 2004, according to a Europe-wide survey by Aon, the world’s largest reinsurance broker.
15 September 2003
SVB continues recovery with trebling profits; Villers to step aside
Lloyd’s insurer SVB showed signs of a continuing turnaround last week, announcing a trebling of operating profits and combined ratio recovering to below 100 percent.
15 September 2003
Equitas fears US tort reform may increase burden
Against the backdrop of US tort reform, some US insurers are lobbying to increase Equitas’ burden of asbestos claims, warned the run-off reinsurer’s new chief executive Scott Moser last week.
15 September 2003
AIG $10mn fine sign of regulatory clampdown
The $10mn fine handed to AIG last week was a further sign that US regulators are scrutinising the industry’s penchant for complicated financial instruments.
15 September 2003
New $550mn start-up set to meet surplus requirements
A new $550mn capitalised (re)insurer is set to be launched later this year with backing from US private equity houses and management shipped in from Swiss Re, Insider Week can reveal.
15 September 2003
GoshawK bolsters management
Two months after its shock profits warning, listed Lloyd's insurer GoshawK has bolstered its management team by recruiting former ACE Tempest chief underwriting officer Russell Brooke to head up its Bermudian arm GoshawK Re.
08 September 2003
US deterioration continues to blight R&SA
Despite unveiling interim results that continue to show improving underwriting performance, Royal & Sun Alliance (R&SA) disappointed analysts and rating agencies last week with news of further deterioration of its US business and a potential £800mn to sho
08 September 2003
Trenwick Lloyd’s rebrands
The albatross that was the "Trenwick" brand name was lifted last week, as the Lloyd's based Trenwick Managing Agency (TMA) announced it was rebranding as Talisman.
08 September 2003
Benfield’s solid first interims
Newly floated reinsurance broker Benfield unveiled solid interim results last Wednesday (3 September) with profit before tax and exceptional items increasing from £8.9mn to £28.1mn.
08 September 2003
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