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Endurance earnings race ahead
Bermudian (re)insurer Endurance announced last Thursday (22 January) that its 2003 net income has rocketed 158 percent to $263.4mn, or $4.00 per diluted share.
26 January 2004
XL shuffles pack
Last week signalled a number of key personnel changes in XL Capital’s insurance and reinsurance operations.
26 January 2004
Core reserves short by $30bn, says Moody’s
In a new report, ratings agency Moody’s has suggested that core reserves (i.e. reserves excluding asbestos and environmental liabilities) for the insurance industry may be short by as much as $30bn.
26 January 2004
RIMS: D&O and excess liability to follow property down
Recently aired views on declining property rates were backed up last week by a survey from the Risk Insurance Management Society (RIMS) in the US, which found that the cost of premiums fell 8.8 percent in the final quarter of 2003.
26 January 2004
LMA slip now includes binding authorities
Practitioners in the London market have agreed the standard template of a binding authority agreement which will be incorporated into a new LMP slip, it was revealed today (26 January).
26 January 2004
R&SA sells Mutual and Federal stake
R&SA has announced the sale of its 37.1 percent shareholding in South Africa’s Mutual & Federal Insurance Company Ltd.
26 January 2004
Benfield brokers Chinese first; Liberty pioneers Western China
There were further signs of the opening of China’s (re)insurance market last week, as Benfield announced it had placed a $5bn reinsurance programme for the China Export & Credit Insurance Corporation and Liberty Mutual became the first foreign property ca
26 January 2004
Morgan Stanley ups AIG earning estimates
New research from analysts at Morgan Stanley suggests that world’s largest insurer AIG may benefit from a combination of stronger equity markets, a weakening dollar and renewed enthusiasm for growth prospects in China in 2004.
26 January 2004
Partner Re estimates Algerian exposure
Bermudian reinsurer Partner Re has said claims relating to its exposure to last week’s explosion at Algeria’s largest liquefied natural gas (LNG) plant were expected to be between $27-30mn.
26 January 2004
St Paul takes $350mn MedMal reserve hit
Just two months after news of the proposed St Paul Travelers supermerger broke, St Paul admitted last week it would take a $350mn pretax fourth quarter reserve charge to bolster its healthcare business in run-off.
26 January 2004
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