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World insurance stock prices
Company/group
Currency
2000 year-end
22/03/01
05/04/01
% change from 22/03/01
Capitalisation US$mn
source: iiudata
Ace
US$
42.44
33.90
36.51
7.7
8,472
AIG
US$
98.56
77.44
..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Company profile: Everest Re
Larger investment gains helped Everest Re Group record an 18% increase in pre-tax profit last year, up to US$232mn from $197mn in 1999. Net investment income was up by 19% to $301mn while the company also reported realised capital gains of $807,000,..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
CGNU
UK composite CGNU restructured and repositioned its activities last year following the creation of the company on the merger of CGU and Norwich Union in May. Cost savings related to the merger totalled £111mn for the year and should increase to..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Losses outpace premium increase in 2000
Premiums showed a pleasing increase but all other vital signs for the US property/ casualty insurance industry were poor in 2000, with the market turning in its worst performance for many years.
Pre-tax profit was down to US$25.7bn from $27.6bn in..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Australian Labor might introduce ombudsman
Australia’s Labor Party has pledged to establish a parliamentary inquiry into the issue of flood insurance if elected to government at the next federal election later this year. Opposition leader Kim Beazley said parliament needed to be..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Aon to sell profitable underwriting units
Chicago’s Aon Corp has decided to nail its colours firmly to the broking mast by spinning off its underwriting activities to shareholders. The independent underwriting company is expected to start life with assets of more than US$7bn.
Aon has..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
HIH goes under
Australia’s insurance industry is facing its most serious test following the collapse of insurer HIH.
The company’s insolvency is the most significant crisis for many decades. It is all the more poignant given that it follows closely on..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Bâloise exits Spain
Dutch insurer Fortis is to acquire the Spanish business of Swiss insurer Bâloise. The takeover will be effected through Fortis’s Spanish subsidiary Bilbao Compañía Anónima de Seguros y Reaseguros, which will take on the..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Royal Sundaram secures bank distribution
Royal Sundaram Sun Alliance Insurance, the joint venture between UK-based Royal & SunAlliance (RSA) and the TVS group of Chennai, has signed a deal that would see Citibank distribute its products. Royal Sundaram will offer motor, travel, home,..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
AMP analysts’ trip a success
The share price of Australia’s largest insurer AMP has jumped to a two-year high following a recent trip it sponsored for stock market analysts to tour its operations in the UK.
The company took several of the people responsible for deciding..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
XL moves house in Bermuda
Bermuda-based XL Capital has moved its operations from Cumberland House to XL House located near the centre of the island’s capital Hamilton. The new building, which was purpose-built for XL, houses all of the company’s 265 staff from..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Peru key market
The Peruvian life market has one of the highest growth potentials in Latin America, according to Royal & SunAlliance Vida, a Peru-based life and pensions subsidiary of the UK composite. Life premium will grow in 2001 at least 20%, followed by..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Market questions benefits of Sorema purchase
France’s largest reinsurer, Scor, has confirmed it is in talks to buy Sorema, the main reinsurance business of fellow French company Groupama. Sorema is around a quarter the size of Scor – based on 1999 gross written premium figures from..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Ace to expand range in Chile
In comments to the Chilean press, Rodrigo Ipinza, chief executive of Ace’s local subsidiary Ace Seguros, has announced the company’s intention to increase the varieties of cover offered.
And in line with the company’s policy in..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Chubb set to announce India partner
US-based Chubb Corporation has said it will take a final decision on selecting an Indian partner for its non-life venture very shortly. “We are finalising joint venture agreements with Indian companies for providing insurance and risk..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Bajaj to get licence
The joint venture between Indian motor company Bajaj Auto and German insurer Allianz is set to start operations by July, according to a senior official of Bajaj Auto.
The joint venture has already crossed the two crucial stages of the licensing..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Independent on takeover alert
The future of Independent Insurance, one of the UK’s insurance success stories of the 1990s, is subject to takeover speculation following the resignation of Michael Bright, its chief executive and founder.
Mr Bright has earned an enviable..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Benfield to double account with EW Blanch buy
Expanding London market broking group Benfield Greig, rather than one of the big three mega-brokers, plans to acquire EW Blanch, best known as a US reinsurance specialist. The US$179mn takeover marks another significant leap forward for Benfield..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
World loss log 3–16 April 2001
Late reports
31.3, collision
Malaysia: Indonesian government-operated m dredger Sulawesi II
is being repaired in Singapore after it was involved in a collision with m tanker Andhika Aryandhi
off Pasir Gudang in Malaysian waters. Andhika Aryandhi
..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Company profile: Max Re
New Bermudian alternative reinsurer Max Re wrote gross premiums of US$410mn in 2000, its first year of operation. The company started underwriting on 1 January 2000, providing alternative risk transfer-style cover in both life and non-life markets,..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Slow growth continues in non-life market
Egypt’s non-life insurance market grew by just 2.7% in the financial period ending 30 June 1999, recording gross premiums of E£1.4bn, according to the Egyptian Insurance Supervisory Authority’s Annual Report for 1998–99.
The..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Swedish pensions
The Swedish authorities are preparing a service that will allow individuals to verify where they stand for the various pensions to which they are entitled. The three are: retirement (the basic state pension), occupational and voluntary.
The service..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Natural disasters cost Australia A$1.5bn
Storms, flood, cyclones and other forms of natural disaster cost Australia A$1.5bn (US$760mn) last year, according to the Australian Government’s Emergency Management Agency. The estimate is $700mn less than for the previous year, when a..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Europeans bemoan Chinese licence delays
The EU Chamber of Commerce in China has noted the dissatisfaction of European insurance companies with the delays in the granting of licences.
In May last year, when China signed an agreement with the EU opening the way for China’s entry into..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
India’s TAC loosens rigid regime
India’s price regulator, the Tariff Advisory Committee (TAC), has effected a series of changes in the Standard Fire and Special Perils Policy in order to allow greater flexibility and options to customers and make it a little more lucrative to..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
EU moves to clear air liability changes
Changes to EU legislation on air carrier liability cleared their first reading in the European Parliament this month with a large majority. The new legislation will transpose into EU law the Montreal Convention, which revises obligations dating back..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Workers’ compensation reforms under attack in New South Wales
Reforms to workers’ compensation law in the Australian state of New South Wales have come under attack from within the state’s governing Labor Party. The government’s proposed reforms, including ending the right of workers to sue..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Australian reforms to impact on New Zealand
The New Zealand financial services industry will be keeping a close eye on the changes proposed by the introduction in the Australian federal parliament of the Financial Services Reform Bill (FSRB).
That’s according to leading New Zealand..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Best Re wins tender
Tunisia-based Islamic reinsurer Best Re has won the privatisation tender for insurer Lloyd Tunisien, the country’s eighth-largest insurance business. The move diversifies the company’s business profile and could strengthen its ambition..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Jamaica still competitive
The Jamaican general insurance sector, though managing to avoid the problems that plagued its life counterparts during the last few years, still faces its own problems of high claims and intense competition in the market place, say analysts.
The 14..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
New Japanese PM will reform
Japan’s ruling Liberal Democratic Party (LDP) has chosen one of the leading advocates of privatisation and reform to be the country’s new prime minister. While Junichiro Koizumi comes from the same faction as the former very conservative..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Safety report criticises Qantas
A report by Australia’s Civil Aviation Safety Authority (CASA) has laid the blame for the 1999 overrun of a Qantas jet at Bangkok airport on the airline’s pilot training policy. The report bluntly states that “company-published..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
Länsförsäkringar in Svenska bid
Swedish insurance group Länsförsäkringar Wasa is bidding SwKr81 per share for all of rival company Svenska Brand.
The bid, at a premium of 40% to stock market valuation, is worth SwKr203mn. Länsförsäkringar expects to..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001
A question of genetics
Alan Milburn MP,
the UK’s Secretary of State for Health, outlines Britain’s position on genetic technology and its controversial use in insurance in the first major speech on the subject of genetics given by a British government health..
Online Published Date:
27 April 2001
Appeared in issue:
661 - 27 April 2001