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September 2003/3

  • Newly floated reinsurance broker Benfield unveiled solid interim results last Wednesday (3 September) with profit before tax and exceptional items increasing from £8.9mn to £28.1mn.
  • A"medium term" IPO for reinsurance spin-off Aspen Re has inspired London Stockbrokers Altium Capital to upgrade sister company Wellington Insurance Holdings from a hold to a buy recommendation.
  • Two months after its shock profits warning, listed Lloyd's insurer GoshawK has bolstered its management team by recruiting former ACE Tempest chief underwriting officer Russell Brooke to head up its Bermudian arm GoshawK Re.
  • The albatross that was the "Trenwick" brand name was lifted last week, as the Lloyd's based Trenwick Managing Agency (TMA) announced it was rebranding as Talisman.
  • Nordic insurer Tryg Vesta formally withdrew from the London market last week after announcing that its subsidiary Tryg-Baltica International (UK) Ltd has been placed into run-off.
  • UK motor insurer Highway Insurance Holdings plc unveiled below expectation 2003 interims last Friday (5 September) which included a dividend of 0.8p and a combined ratio of 99.5 percent.
  • Despite the industry's difficult operating environment, many of the post 9/11 start up reinsurers are prospering, observed the rating agency Standard & Poor's today (9 September).
  • Despite favourable conditions in the hard market, the outlook for the reinsurance industry remains negative as reinsurers continue to count the costs of pricing and underwriting strategies in the last soft market, says Moody's.
  • 2004 costs reduced as 2 percent premium levy ends Capital providers at Lloyd's will see their fees reduced next year as the Society restructured the levies charged on each underwriting member.
  • Despite unveiling interim results that continue to show improving underwriting performance, Royal & Sun Alliance (R&SA) disappointed analysts and rating agencies last week with news of further deterioration of its US business and a potential £800mn to sho
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