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Company Profile: CNA Financial Corporation
Tough conditions in the US property/casualty market have seen CNA Financial Corporation suffer operating losses for the last two years. The group is gamely fighting back and is currently in the process of tightening its underwriting discipline,..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
London market broker survey
The first issue of World Insurance Report Incorporating Reinsurance Market Report
coincides with the publication of the annual RMR London Market Brokers’ Survey. It shows that the onset of much tougher market conditions hit the performance of..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
RMS signs Lloyd’s deal
Lloyd’s syndicates are now able to use the internet to monitor their US hurricane risks on a 24-hour basis as the result of an agreement reached between the Lloyd’s market authorities and the California-based risk modelling company, Risk..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
LPSO
The recent cash calls by managing agents to meet operating expenses have once more highlighted the need to speed up the transfer of premium payments in the Lloyd’s market. In response, the Lloyd’s Policy Signing Office (LPSO) is now..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Limit finally succumbs to QBE offer
Limit, one of the largest managing agents and corporate capital vehicles in the Lloyd’s market has succumbed to advances of Australian insurance group, QBE. (WIR640/08
)
The Limit board finally recommended QBE’s 140p per share offer to..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Space insurance
The aviation insurance market is currently showing an upturn following the depressed results of recent years. Recent rate increases have steeled underwriters for the all-important final quarter of the year.
Their resolve has been strengthened by the..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Hibernian Group
Hibernian Group, the Irish subsidiary of CGNU, has consolidated its leading position in the Irish non-life market ahead of Axa by acquiring the personal lines business of Friends First Group. Hibernian’s non-life market share has risen to 26%..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Prudential
UK life insurance group Prudential is looking to acquire a US life insurer or asset management company with a strong annuity or mutual fund business. The announcement comes less than a week after Prudential had raised US$200mn though a share listing..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Generali sets industry example
Italian insurer Generali has joined the handful of European insurers to reach a settlement of its Holocaust-era insurance claims. Its decision to relax payment eligibility criteria has won the crucial praise of the Jewish community. And the move is..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
RAA admits life reinsurers
The shrinking world of reinsurance has been cited as the reason for the decision by the Reinsurance Association of America (RAA) to invite life reinsurers to become members. The traditionally property/casualty body will announce the formation of a..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
AGF launches online insurer
French insurer AGF has established what it claims to be the first dedicated online insurer in France. The new company, OKassurance, will specialise in motor and household insurance. Health and personal accident cover will be offered later in the..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Axa Colonia
Axa Colonia, the German arm of the Axa group, is introducing a new multi-channel sales model, which will mean tight integration of electronic sales and agents. The system will facilitate the automatic referral of e-business customers to agents.
If a..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Coface looks to the internet
French credit insurance group Coface has once more emphasised the importance it attaches to its internet trade debt rating service for companies. The @rating service was first launched in France in December last year. Introducing the service in..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Gerling postpones
The IPO of Gerling group holding Gerling-Konzern Beteiligungs-AG (GKB) has again been postponed, and postpones more in doubt than ever.
The Gerling group is owned by Rolf Gerling with a holding of 70%, and by Deutsche Bank with a holding of 30%...
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Pohjola, Skandia, and Storebrand
Scandinavian insurers Pohjola, Skandia and Storebrand are looking for a way out if the mess that is If.
But an exit is proving difficult because If’s Norwegian chairman Age Korsvold has been demanding millions of kronor in compensation from..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
World Loss Log 13 June – 29 June
Late reports
12.6, kidnapping, fatalities
Yemen: a Norwegian diplomat abducted with one of his children by gunmen in Yemen was killed in a shoot-out between his kidnappers and police officers.
Property and Business Interruption
14.6, recall,..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
World Insurance Stock Prices
Company/Group
Currency
1999 year end
31/05/00
29/06/00
% change from 31 May
Capitalisation US$mn
1. CGU
2. Business acquired by Folksamerica Re. Last trade 8/5/2000.
Ace
US$
16.69
26.94
28.00
3.9
6132
Axa..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Overseas Partners
Overseas Partners Limited (OPL) had a tough 1999. First, the company lost the very significant shippers’ risk business of United Parcel Service on 1 October after a court found that the relationship between the two was a little too close. Then..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
S&P launches financial guaranty ratings
Standard & Poor’s have announced that they have merged their banking and insurance ratings arms. The move has been prompted by mergers in the industry. Insurers will see little difference as they continue to be rated for financial..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
CSC buys Mynd
It is hardly surprising that the consolidation of the US$200bn global financial services IT systems and consulting market should closely mirror the consolidation of the global financial services sector itself.
The leading players in both sectors are..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Ceska
The recent collapse of IPB, the Czech Republic’s third largest bank, will definitely have an impact on the 2000 profits of Ceska Pojistovna, the country’s largest insurance group. But Ceska’s chairman Ladislav Bartonicek assured..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Royal Bank of Canada
The entry of banking groups into the US insurance sector is continuing apace. Over the last fortnight, two more banks have announced their intention to buy US insurance businesses.
Firstly, the Royal Bank of Canada agreed a US$650mn deal with US..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Canadian Imperial Bank of Commerce
The last few years have clearly not been a good time for those Canadian financial institutions such as the Canadian Imperial Bank of Commerce (CIBC) with general insurance companies as subsidiaries.
CIBC recently announced that it would sell its two..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Provinzial
Two very different ways of thinking about the future of Germany’s public-law companies were displayed by two associated companies; Provinzial Düsseldorf and Provinzial Münster. Both companies have their origins in the old state-run..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Nigeria Re
Nigeria’s regulators have rejected moves to delay the sale of state reinsurer, Nigeria Re. The sale, scheduled to begin in October of this year, was given a personal guarantee by the country’s president, Olusegun Obasanjo, at a recent..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Surveyors to be licensed
India’s insurance regulator has said that surveyors would be graded and categorised in line with their specialisations in areas like motor, fire or marine insurance.
IRDA is planning to introduce a licensing system for individual and corporate..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Foreign funds for India
The U.S. Ambassador in New Delhi, Richard Celeste, expects a strong inflow of American investments into India once foreign insurance companies start operating. “I see at least $1bn of new funds flowing in once the guidelines are in place and..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Slovakia
The government of Slovakia has decided to merge the regulatory offices of insurance, banking and securities activities. All of these sectors had separate supervisory regimes. The new system came into existence on 1 July. However, banking supervision..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
US industry welcomes crop insurance reforms
The agricultural and insurance industries have welcomed reforms to the US crop insurance programme contained in the Agricultural Risk Protection Act
. The act was signed into law by President Clinton over the last fortnight after the bill was passed..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Tax havens to face sanctions
Emerging insurance markets risk international sanctions unless their governments commit to ending harmful tax practices says a report by the Organisation for Economic Co-operation and Development (OECD). The report identified a number of countries..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Mutuals break with time-honoured tradition
The German mutuals, which together with their subsidiaries produce some 30% of the country’s insurance turnover of DM250bn (US$121.4bn), are breaking with a time-honoured tradition. Decades ago German insurers had agreed that they would not..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
New disclosure rules for insurers
The Indian Insurance Regulatory and Development Authority (IRDA) has come out with a wide range of fairly stringent disclosure rules that new players, including foreign firms entering the Indian market, will have to abide by. The new rules are a..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Swiss National Insurance Company
Union Bank of Switzerland (UBS) has sold its 28.8% stake in the Basel-based Swiss National Insurance Company in a highly secretive deal. UBS said that it disposed of its holdings with the complete agreement of Swiss National but neither company was..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Professionals Group Medical Assurance
US medical liability insurers, Professionals Group and Medical Assurance have announced their intention to merge and create the third largest liability insurer for hospitals and health professionals in the US. The US$240mn cash and shares deal is..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
A two-speed Eureko
In a bizarre parallel to recent talk of a two-speed European Union, Europe’s pan-national insurance alliance Eureko has announced plans to merge the insurance operations of two of its players leaving the door open for others to join. The..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000
Combining new and old
Mary Francis
, director general of the Association of British Insurers (ABI) says that the insurance industry should work in traditional ways but with new skills.
‘The threats facing business today are not so much the old ones such as plagues..
Online Published Date:
05 July 2000
Appeared in issue:
641 - 05 July 2000