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September 2004/2

  • Florida’s second major hurricane of the season, Hurricane Frances, caused less damage than predicted over the weekend after it weakened to a category 2 storm prior to making landfall 30 miles north of West Palm Beach near the town of Stuart at around 1am
  • Lloyd’s insurer SVB saw its share price fall by 25 percent last week as it revealed further deterioration from its run-off US legacy exposures.
  • On the eve of the Lloyd’s insurers’ interim financial results, a leading insurance analyst has reminded investors that there is still merit in investing in the stocks for both capital gains and income.
  • The reinsurance intermediary Benfield Group is set to reverse the trend of staff departures by revealing that it has recruited a four strong, London based international casualty team from rival Aon Re.
  • The investigation by New York attorney general Eliot Spitzer into the use of Placement Service Agreements (PSAs) shows no sign of coming to an end, with the latest development being a subpoena issued against Bermuda based AXIS Capital Holdings Limited on
  • John Charman, the former Lloyd’s deputy chairman and founding president of fast expanding Bermudian (re)insurer AXIS Capital, has praised the UK outsourcing firm Xchanging after agreeing a five year deal to manage AXIS’ back office functions in the United
  • Lloyd’s vehicle Amlin revealed healthy results for the first half of the year in its latest interims. Among the highlights was a 17.2 percent increase in pre-tax profits to £74.2mn; a 10-point combined ratio improvement to just 73 percent and gross premiu
  • Ratings agencies wasted little time in responding to last Tuesday’s (31 August) announcement by Converium of further reserving deficiencies following an independent actuarial review, casting a further shadow over the troubled reinsurer as it heads into th
  • Bermudian (re)insurer has announced its intention to enter aviation insurance from 2005.
  • The Barbados headquartered reinsurer Imagine Group has increased its capital base to over $500mn with a $100mn private placement to institutional investors.
  • An attempt to overhaul the US’ state-by-state based insurance regulation is gaining pace with the publication of a discussion draft of an Act which will give insurers far more freedom to set their own rates.
  • Bermuda’s (re)insurers continued to build their balance sheets in the second quarter on the back of another strong earnings period.
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