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  • Further rate increases and winning new businesses enabled reinsurance giant Swiss Re to grow premiums by 7 percent at the recent 1 January renewals.
  • The opaque but growing trend of brokers charging payments from insurers to place business with them has been attacked by an influential US think tank as “potentially damaging”.
  • Lloyd’s new digital hub Kinnect announced another first today (9 February, 2004) as it took its maiden complex open market risk.
  • 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.
  • Canadian insurance combine Fairfax Financial Holdings Ltd revealed a return to underwriting profit last week with “record” earnings of $271.1mn for 2003, which included a positive underwriting contribution of $87.7mn.
  • 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.
  • Allianz Australia agreed last month to pay A$120mn to the creditors of HIH, the Australian insurer which collapsed in 2001 with debts of around A$6bn.
  • A new report by Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, estimates that approximately $1.8bn of catastrophe-linked securities were placed in 2003, with the trend towards innovative transa
  • Lloyd’s insurer SVB has launched a new specialist service company, Novae Underwriting, to target the UK SME liability market.
  • Established Bermudian RenaissanceRe trumped analysts’ expectations with record earnings figures last week, posting operating earnings of $524mn for 2003, equivalent to $7.38 per share and significantly higher than consensus estimates of $1.81 a share.