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September 2003/6

  • Specialist broker Berry Palmer & Lyle (BPL) last week launched its new ‘Global Political Violence Insurance’ cover, an initiative it claims will “plug gaps” in terrorism cover for multinational companies.
  • UK Risk managers association AIRMIC has set up a task force in response to the “soaring price” of Directors and Officers cover.
  • Away from the summer dispute with members’ agency Hampden Private Capital over its Syndicate mergers, Lloyd's insurer Chaucer revealed better than expected interim results last week, including a record profit of £15mn and a strong trading outlook.
  • Brit joined the consensus beaters posting "record" half-year profit before tax of £31mn, compared to last year's loss at the same stage of £4.3mn and well above analysts' expectations of £18-19mn.
  • Helicopter specialist Hardy Underwriting today (29 September) announced a strong set of half-year results including a “remarkable” combined ratio performance of 79.8 percent, compared to 91.2 percent at the same time last year.
  • But viatical exposures could cost a further £56mn... Embattled insurer GoshawK cleared the decks with a £43mn reserve boost last week in an attempt to improve its desirability to potential buyers or fresh investors.
  • Atrium has announced a strong set of interim results and expects to deliver a return to dividend for the full year 2003, forecasting at least 7.5p per share.
  • Last week’s announced six month profits of £2.5mn may appear small compared to competitors such as Amlin's £63.3mn, but as a group Beazley had relatively little underwriting exposure to the great trading conditions of 2002.
  • World Trade Center (WTC) leaseholder Larry Silverstein suffered a serious setback last Friday (26 September) after a federal appeals court affirmed the ruling by a lower court that the WilProp wording stands and destruction of the WTC was a single occurre
  • Mike Hammond the former chief executive of broker Marsh’s UK operations is to join rival Jardine Lloyd Thompson, it was revealed last week.
  • Euro Lloyd’s investigation ends The European Commission is closing its investigation into UK’s regulation of Lloyd’s, it was revealed last week.
  • Lloyd’s broker Bradstock Group plc has been forced into liquidation following a failure to renew its professional indemnity cover.