September 2004/3
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But will hurricane make US landfall? Uncertainty still surrounds the potential impact on the insurance industry of Hurricane Ivan, the third major storm to hit the Caribbean in the space of a month.
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Admiral sets course for float Despite the gloomy forecasts for UK motor rates, the private equity backed Admiral Group will float on the London Stock Exchange later this month valued at between £634mn and £776mn.
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On 7 September Wellington Insurance Holdings posted interim results for the first six months of 2004 that it said reflected continued earnings momentum and a confident outlook for the remainder of the year.
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On 7 September Atrium Underwriting released its current trading statement on Syndicates 570 and 609, whose forecasts, it said, remained unchanged for 2002 and "improved" for 2003. It added that trading conditions had remained strong to date in 2004 and th
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London market vehicle Brit’s transformation into a well capitalised, UK general insurer was reflected in its interim results published last week.
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Despite increasing its stock buyback programme last week by $200mn to $500mn - a time-honoured initiative to buoy a share price - international broker Willis will struggle to maintain its impressive growth record without a major acquisition.
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Motor insurer Highway Insurance Holdings said it had achieved a profitable first half in 2004 despite tougher market conditions and exceptional costs of £1.6mn relating to its failed merger with Cox insurance earlier in the year and in respect of the FSCS
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For Lloyd's insurer Beazley Group, which only started underwriting as a listed insurer in 2003, its most recent interims were an opportunity to showcase pre-tax profits of £22.2mn on gross written premiums of £394mn.
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AM Best has affirmed the Syndicate Rating of “A” (Excellent) for Lloyd’s Syndicate 3000, while also affirming the Syndicate’s issuer credit rating of “a”, both with a stable outlook.
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More news of rates remaining firm came from Kiln in its 9 September half-year results presentation.
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Lloyd’s syndicates, together with London based QBE International Insurance, filed suits last week against American and United Airlines, over losses they have paid out from the WTC attacks.
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Reinsurance buyers are demanding price reductions on their treaties as they meet at the annual Monte Carlo Rendez-Vous event to begin the process of negotiating the key 1 January renewals.
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