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White Mountains grow on Bermuda
White Mountains is reportedly preparing to scale up its presence in Bermuda, with plans to shift as many as four of its subsidiaries to the island.
13 October 2003
R&SA to cut loose offshore energy portfolio, upbeat on rights issue?
Embattled insurer Royal & Sun Alliance (R&SA) is to withdraw from writing offshore energy business Insider Week can reveal.
13 October 2003
Paper-free claims launch
Claims management and outsourcing firm Xchanging unveiled a new way of dealing with claims last week when it opened its Claims Office of the Future on the sixth floor of the Lloyds building.
13 October 2003
Brit buys Creechurch property rights
The expansive insurance group Brit announced this week that it has acquired renewal rights to the property insurance portfolio of Creechurch Underwriting, the small Lloyd’s insurer.
13 October 2003
S&P fights back
Ratings agency Standard & Poor’s has responded to criticism of its recent reinsurer downgrades, explaining that poor long-term profitability, and not just a lack of capital adequacy, was the catalyst for its actions.
13 October 2003
Tax break boosts German insurers
German insurance companies are set to enjoy substantial tax breaks, the German finance ministry has confirmed.
13 October 2003
Hartford and Travelers hit by Isabel
US giant Hartford Financial Services Group said this week that it would miss analysts’ earnings forecasts because of higher than expected exposures to Hurricane Isabel and high litigation costs.
13 October 2003
WR Berkley in $750mn shelf filing
Connecticut based insurer WR Berkley filed last Friday to sell up to $750mn in debt securities, common and preferred stock and other securities.
13 October 2003
GoshawK’s ongoing concerns prompt further downgrade
Beleaguered Lloyd’s insurer GoshawK was dealt another blow last week as ratings agency Standard & Poor’s followed Moody’s and downgraded Syndicate 102 by another notch, questioning its ability to trade forward into 2004.
13 October 2003
R&SA rights issue cheers after tough month
Embattled UK insurer Royal & Sun Alliance breathed a corporate sigh of relief this month after its £1bn rights issue went through with 92 percent of the 1.3bn new shares subscribed for by existing shareholders at 70p each. Although heavily discounted
01 October 2003
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