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Thai Re
Thai Re reported a 6% increase in gross premiums to B2.7bn (US$59mn) last year. Domestic business generated gross premiums of B2.6bn, 97% of the company s total volume.
Of this figure, fire and industrial all-risks accounted for 66%, with gross..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
Overseas Partners
Bermudian reinsurer Overseas Partners (OPL) recorded a pre-tax loss of US$538mn in 2000, compared with the previous year s profit of $244mn.
The deterioration was almost entirely due to the loss of the United Parcel Service of America (UPS) shippers..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
Chubb
Chubb Corporation saw its pre-tax profit rise by 28% to US$803mn in 2000, largely because of an improved underwriting result.
The company writes most lines of property/ casualty business through its subsidiaries in the US, Canada, Europe, Australia..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
Motor premiums 1999
Following the survey of the international liability reinsurance market in WIR
622, the annual analysis of major reinsurers accounts by line of business for 1999 continues with a look at motor business for companies from both the US and..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
Argentinian insurers get tough on crime
Crime is on the increase in Argentina, especially in and around Buenos Aires. One store owner complained of being robbed every week. Last month thieves shot and killed two policemen who entered a store in cold blood. This year alone over 20..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
AMP makes first move into India
Australian insurance group AMP has announced its first move into India by acquiring a stake in Indian financial services group Sanmar. AMP will purchase 26% of the company.
The combined Australian-Indian venture will employ 3,000 insurance agents..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
Patrick Smith: retailing the web
These are tough times for the fledgling UK online insurance market. Operations such as RapidInsure, Ironsure.com and Inspop.com, which were launched with great enthusiasm and high expectation over the last 18 months, are now struggling.
This is..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
RSA profits increase
A strong performance from British composite insurer Royal & SunAlliance s general insurance operations contributed significantly to the increase in the group s operating profit. This rose 22% from £138mn to £168mn for the first..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
United India to transform its business culture
Cut off from the protection of their parent company and now forced to compete with a set of aggressive foreign players, India s state-run general insurance companies are changing their business culture.
For instance, Chennai-based United India..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
Chubb in talks with third Indian partner
India s Housing Development Finance Corporation (HDFC) has entered into joint venture negotiations with Chubb Corporation of the US. HDFC, the country s largest housing finance company, has already floated a life insurance venture in collaboration..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
Scor secures Sorema acquisition
French reinsurer Scor has finally completed negotiations for the purchase of fellow French reinsurer Sorema. The sale excludes the past activities of fellow Groupama subsidiary Gan and Sorema s Lloyd s underwriting agency Broadgate.
Scor will pay..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
India set to boost market by reducing capital requirements for health insurers
India s insurance regulator is expected to halve the minimum capital requirement for setting up health insurance companies to Rs500mn (US$11mn). The idea is to make it more attractive to foreign insurers that have been examining the market for years..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
World insurance stock prices
Company/group
Currency
2000 year-end
03/05/01
17/05/01
% change
from 03/05/01
Capitalisation US$mn
* figures changed to reflect four-for-one stock split on 16 May
source: iiudata
Ace
US$
42.44
34.99
36.73
5.0..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
Malaysia
Consolidation boosts operating profits
Malaysia s non-life insurance market performed much better in 1999 than the official figures suggest.
According to the latest annual report published by the country s insurance regulator, Bank Negara Malaysia,..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
ESG Re begins to show signs of hope
First-quarter results from troubled Bermuda and Europe-based reinsurer ESG Re seem to indicate the company may be finally turning the corner. While the company posted a loss of US$3.9mn, it said most of this related to business written in 1999 and..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
EU to settle differences on marine liability
Details of new EU legislation on liability for shipping accidents are to be settled in conciliation talks between the European Parliament and the Council of Ministers, representing the 15 EU member states.
The disagreement concerns the extent to..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
Foot-and-mouth prompts new cover in NZ
The repercussions of Britain s foot-and-mouth epidemic and increased awareness of the disastrous consequences should it ever occur in New Zealand have prompted the introduction of the first-ever foot-and-mouth disease insurance cover.
New Zealand..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
Caribbean insurers ride the waves of change
What does the hole in the ozone layer portend for Caribbean insurers? They will find out from at least one expert when they gather for the annual general meeting of the Insurance Association of the Caribbean (IAC) in Antigua from 4 to 6 June.
Mark..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
Sweden to raise rates
The Swedish non-life market is getting ready to raise premium rates again.
A number of the companies have increased their premiums in the past 12 months — notably If Skadef rs kring (by between 10% and 15%) and Trygg-Hansa (between 7% and 8%)...
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001
The insurance wildcard
‘The role of computer software has changed radically over the last decade, expanding into virtually every area of life. It s found in medical devices, cars, communications systems, hospitals, aeroplanes, next-generation payment cards, business..
Online Published Date:
25 May 2001
Appeared in issue:
663 - 25 May 2001