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UK brokers ‘complacent’ about FSA deadlines
UK insurance brokers are in danger of missing the FSA deadline for increased regulatory compliance, Alexander Forbes and consultants IFA Mentor have warned.
17 May 2004
Swiss Re stock stumbles on health and life figures
Shares in Swiss Re fell today after the reinsurer failed to meet analysts’ forecasts in its 2003 life and health results.
17 May 2004
Hannover Re profits on the rise as premiums fall
Germany’s Hannover Re announced a “vigorous surge in profitability” today, despite a year-on-year fall in gross premiums of more than 20 percent. The reinsurer says it remains on track to beat its 2003 result.
17 May 2004
Rates are falling say brokers
There is growing evidence that the hard market is at an end, with downward pressures on both pricing and terms according to brokers on both sides of the Atlantic.
17 May 2004
Endurance performance earns Best endorsement
Fast growing Bermudian (re)insurer Endurance had its AM Best A (Excellent) rating affirmed last Thursday (7 May), a week after reporting first quarter net profits double last year’s.
10 May 2004
Californian wildfire victims sue insurers
A number of Californians who lost houses in last year’s wildfires have filed a proposed class action lawsuit against four US insurers they claim charged premiums for property that no longer exists.
10 May 2004
Lloyd’s expands European licences
Lloyd’s revealed that it is now authorised to trade in 72 territories worldwide following the enlargement of the European Union on 1 May.
10 May 2004
Hardy gains £12mn from Atrium investment
Lloyd’s insurer Hardy Underwriting Group plc made a profit of almost £12mn from its 18-month investment in rival Atrium Underwriting plc, the company revealed last week.
10 May 2004
Fitch positive on IFRS but warns of potential ratings changes
Ratings agency Fitch has warned that the introduction of international accounting standards (IAS) could have an impact on some insurance company ratings in the medium term depending on the response of management and investment markets to the new standards
10 May 2004
US P&C industry reserve shortfall improving
On the back of strong reserve building in recent years, the short-fall in US property & casualty reserves has declined to $80bn, estimates industry analysts Morgan Stanley.
10 May 2004
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