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.

Euro Lloyd’s investigation ends The European Commission is closing its investigation into UK’s regulation of Lloyd’s, it was revealed last week.

Mike Hammond the former chief executive of broker Marsh’s UK operations is to join rival Jardine Lloyd Thompson, it was revealed last week.

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

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.

Lloyd’s broker Bradstock Group plc has been forced into liquidation following a failure to renew its professional indemnity cover.