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C.N.A. boosts reserves by $308mn and sounds warning
US insurer C.N.A became the latest carrier to reveal sizable additions to loss developments last week when announcing a $308mn after-tax charge to second quarter earnings.
18 August 2003
PXRE in good shape as Radke steps into father’s shoes
Bermudian reinsurer PXRE announced quarter to quarter growth of 13 percent last Wednesday, as net income rose from $19.0mn for the second quarter 2002 to $21.5mn this time round.
18 August 2003
S&P negative on Aon after interims
Rating agency Standard & Poor’s last week revised its outlook to negative on Aon after the broker’s latest interims showed the firm’s margins continue to lag behind its peers.
18 August 2003
Inflation remains a threat – The Hartford
In a report last week, Hartford Investment Management Company – a subsidiary of US insurer The Hartford Financial Services Group – counselled against complacency over inflation.
18 August 2003
HLF loses International team
Pension deficit deteriorates; film finance exposures could cost £200mn+ HLF Group plc was hit by a further wave of resignations last week as its 12 strong International Facilities and Binders team handed in their notices.
18 August 2003
US power loss will not be mega catastrophe
Although the power outage that affected much of New York, the Eastern United States and Canada will inevitably result in losses to the insurance industry, they are unlikely to be catastrophic.
18 August 2003
IUA members grow premiums
London’s company market insurers have expanded their underwriting exposures in the wake of the improved rating environment, according to figures released from the representative body, the International Underwriting Association.
18 August 2003
Swiss Re takes Zurich Life
Reinsurance giant Swiss Re is to buy a proportion of the UK life insurance business of its compatriot Zurich Financial Services (ZFS) in a deal worth a total of $460mn. The move follows Zurich Life’s decision to stop taking on new business from 27 August.
18 August 2003
Arch set for key appointment
Ralph Jones, the newly recruited president and chief executive of Arch Insurance Group, is set to be reunited with former Chubb colleague Bob Van Gieson later this year.
18 August 2003
INSIDER SHORTS
Wheeler leaves SVB Mark Wheeler, the underwriter of SVB’s liability Syndicate 1007, has left the Lloyd’s insurer.
04 August 2003
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