September 2003/5

Lloyds specialist insurer Hardy Underwriting Group announced today that it will begin underwriting financial institutions for the 2004 year of account.

Analysts knew Hiscox interims were going to be good when the quoted insurer announced bullish trading figures last month and then took the opportunity to resolve the growing uncertainty over its World Trade Center provisions.

Embattled Lloyd's insurer GoshawK saw its share price tumble for the second time in three months as the company admitted it was under-reserved by an undisclosed amount.

After rival specialist motor insurer Highway painted a gloomy picture of underwriting prospects, along came Cox with an upbeat message, consensus beating interims and a combined ratio of only 86 percent.

Kiln plc, the Lloyd’s insurer regarded for its caution and steady conservatism, trumped its peer group by unveiling the lowest combined ratio yet among the quoted Lloyd’s stocks. The company announced that its ratio for the first six months was a mere 75

Hurricane Isabel, which hit the US eastern seaboard with heavy wind and rain last Thursday, is estimated to have caused no more than $1bn of insured property damage – much less than early forecasts.

Hannover Re appointment Hannover Re’s man in London, Harald Schenk, has joined the Board of London’s Company market trade association, the International Underwriting Association (IUA).