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  • 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
  • Although less than some estimates, the impending IPO of insurer Catlin Group Ltd will still value the firm at a premium to many of its peers.
  • 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
  • In the week that it released its best ever results, UK motor insurer Cox has attempted to downplay speculation over its mooted acquisition of smaller rival Highway.
  • 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.
  • Significant steps were taken last week on the road to creating the second largest US commercial lines insurer as the St Paul Travelers super merger moved closer to reality.
  • Dutch insurer Aegon has announced a 16 percent increase in net profits for 2003 - the result, it said, of better performing stock markets and fewer bond defaults.
  • Bermudian (re)insurer Aspen revealed last Monday (8 March) the identity of its new US property reinsurance team.
  • Reinsurance broker Benfield has announced the sale of 2,390,785 shares in Bermudan reinsurer Montpelier Re, with effect from 15 March.