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  • Lloyd’s is being sued for allegedly underwriting ships used in the slave trade, it emerged today.
  • Reinsurance broker Benfield last week announced results that saw a more than threefold leap in pre-tax annual profits to £31.2mn last year from £9.8mn.
  • The migration of Lloyd’s Names to limited liability status took a step closer last week when the Chancellor of the Exchequer revealed in the Budget that legislation will be enacted to remove tax obstacles for conversion to English Limited Liability Partne
  • Despite a forecast-beating quadrupling of profits, shares in the Lloyd’s insurer Hiscox plc remained steady today (22 March 2004).
  • A turnaround from 2002’s record EUR1.2bn loss to a healthy net profit of EUR1.6bn for 2003 failed to convince the markets as German insurer Allianz admitted it still had some way to go in the struggle to reverse the fortunes of its ailing banking arm Dres
  • Lloyd’s insurer Heritage Managing Agency Ltd is planning to merge two of its syndicates into one, larger unit headed by veteran Lloyd’s underwriter Les Rock.
  • European reinsurer Swiss Re is set to open a branch office in Taiwan after winning regulatory approval from the Taiwan Ministry of Finance.
  • Italian (re)insurer Generali looks to be well on the road to recovery as it announced EUR1,015mn 2003 net profits last week, compared to a 2002 loss of EUR754mn and ahead of the projected EUR931mn profit under its self-imposed three-year plan.
  • Giant German reinsurer Munich Re last week revealed its first net loss in 98 years as strong underlying underwriting performance was buried beneath deferred tax charges, goodwill writedowns for HVB, and higher than expected reserving at US subsidiary Amer
  • Lloyd’s insurer SVB announced today (22 March) that it has bought the business of trade credit insurer Credit Indemnity & Financial Services Ltd (CIFS).