September 2004/5

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.

Lloyd's insurer Hiscox plc is scaling back its plans to shrink the size of its Syndicate 33 in response to the hurricanes which have already caused an estimated $20bn of insured loses.

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.

Recent upgrades and hurricane impact expected to produce more, better business Fitch Ratings gave Lloyd's a further boost last Friday (24 September) as it upgraded the market's financial strength rating from "A-" to "A" with a stable outlook - less th

Lloyd's insurer GoshawK laid out its pitch as a successful ongoing business in its latest set of interims with post-tax Group profits of $10.0mn or earnings per share of 5.8 cents against a $50.9mn or 29.1 cents per share loss in the same period a year ea

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.

Expanding post-9/11 start-up Endurance Specialty has been quick to move in on opportunities presented by the demise of Converium's US operations as it announced last week (23 September) that it was buying up the Swiss reinsurer's successful agricultural r

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.

German reinsurance giant Munich Re has established an Indian service company in anticipation of growing business from the sub-continent.

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.