September 2003/4

Lloyd’s insurer SVB showed signs of a continuing turnaround last week, announcing a trebling of operating profits and combined ratio recovering to below 100 percent.

Against the backdrop of US tort reform, some US insurers are lobbying to increase Equitas’ burden of asbestos claims, warned the run-off reinsurer’s new chief executive Scott Moser last week.

The $10mn fine handed to AIG last week was a further sign that US regulators are scrutinising the industry’s penchant for complicated financial instruments.

A new $550mn capitalised (re)insurer is set to be launched later this year with backing from US private equity houses and management shipped in from Swiss Re, Insider Week can reveal.