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  • Shares in French reinsurer SCOR fell last week after the company revealed that its sales had fallen by a quarter last year, leading to fears that key customers have deserted the embattled firm despite attempts to turn the company around.
  • A fourth quarter deficit was inevitable for the Bermudian giant XL Capital after a previously announced pre-tax charge of $694mn, and the operating loss of $2.54 per share was roughly in line with analysts’ expectations (First Call consensus $2.51).
  • The world’s most valuable insurer AIG has posted fourth quarter profits of $2.71bn, or $1.03 per share, with higher general insurance premiums and revenues contributing to the bottom line.
  • Aon’s 2003 results were broadly in line with analysts’ expectations, with net earnings growing by more than a third and positive work done on de-leveraging the balance sheet with more debt being repaid early. But despite this progress, operating earnings
  • Research from the London Market Principles (LMP) Programme Office, shows that brokers expect to place 95 percent of their open market business on LMP slips.
  • Lloyd’s insurer Euclidian has bolstered its senior management by appointing former Brit chief operating officer Andrew Holland as chief executive.
  • Lloyd’s insurer Wellington Underwriting plc provided evidence that 2003 will be an excellent underwriting year for the Society when revealing last week that its Syndicate 2020 should make a profit of between 11 and 18 percent of capacity.
  • Bermudian newcomer Axis announced a 100 percent increase in net income for the year ending December 31, 2003, to $532.3mn, or $3.42 per diluted share. This compared to net income of $265.1mn, or $1.91 per diluted share, for the year ended December 31, 200
  • Bermuda based Montpelier Re reported net income of $99.9mn for the final quarter, which helped the reinsurer unveil full year net earnings of $407.1mn for 2003.
  • Specialty insurance holding company WR Berkley announced an increase in its fourth-quarter profits on the back of higher premiums.