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September 2004/5

  • US storms set to hit 3Q earnings with industry losses set to rise above $20bn The state of Florida took yet another battering this week in what is turning out to be one of the worst hurricane seasons on record. This time it was the turn of Hurricane J
  • Embattled reinsurer Converium is close to carrying through a heavily discounted $420mn rights issue that the company hopes will enable it to continue trading as an independent entity.
  • UK motor insurer Admiral enjoyed a successful stock market debut on Thursday morning, floating on the London Stock Exchange at an offer price of 275p, just above the midpoint of the indicative price range and valuing the company at £711mn.
  • Bermudian reinsurer Olympus Re has had its AM Best “A-” (Excellent) rating placed under review with negative implications as the rating agency expressed concerned over the company’s exposures to this year’s potent hurricane season.
  • London market insurer Alea heralded a successful half year with interims that showed a more than doubling of underwriting profit to $23.1mn from $11.1mn for the year earlier period.
  • German reinsurance giant Munich Re has established an Indian service company in anticipation of growing business from the sub-continent.
  • St Paul Travelers was on the receiving end of a favourable court decision last Monday (7 September) as a Pennsylvania district court upheld a previous arbitration award granted to the US insurer, and effectively dismissed a lawsuit brought by bankrupt ins
  • Canadian financial services holding company Fairfax has announced it will buy back up to 950,000 of its subordinate voting shares, accounting for approximately 10 percent of its currently outstanding subordinate voting shares.
  • The legacy of Enron continues to haunt the world's most valuable insurance company, with news last week that US regulators may file a civil action against American International Group over its dealings with PNC Financial Services Group.
  • The former chief executive of Heath Lambert Group David Margrett has made a discrete return to the market in a business development role with world's third largest broker Willis as part of a reshuffle following the recent announcement of veteran Willis Re
  • Hardy Underwriting revealed the extent of Lloyd's determination to ratchet up its capital requirements by explaining that Syndicate 382's risk based capital ratio (RBC) is likely to climb from a current 42 percent to 58.3 percent next year.
  • GoshwawK, the parent of Bermudian reinsurer Rosemont Re, has revealed that it is the latest insurer to face exposure to controversial US bail bond losses.
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