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World insurance stock prices
Company/group
Currency
2000 year-end
31/05/01
14/06/01
% change
from 31/05/01
Capitalisation US$mn
source: iiudata
Ace
US$
42.44
38.75
39.14
1.0
9,082
AIG
US$
98.56
81.00
80.75
(0.3)
188,230
Allianz..
Online Published Date:
02 June 2001
Appeared in issue:
665 - 22 June 2001
Company profile: CNA Financial
CNA Financial saw a spectacular turnaround in its pre-tax profits last year. The company recovered from a US$11mn loss in 1999 to produce a profit of $1.8bn in 2000.
This massive improvement in the company’s performance was directly due to two..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
CCR
French state-owned reinsurer Caisse Centrale de Réassurance (CCR) reported a significant improvement in its results for 2000. This was largely due to a reduction in the number of natural catastrophe losses last year. The company produced a..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Extending the boundaries
Berry Palmer & Lyle (BPL), the London-based independent specialist broker, keeps a deceptively low profile. Not only has the company been at the cutting edge of almost every development in the political risk and trade credit insurance market..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
New AGF president
The newly appointed president of AGF, Jean-Philippe Thierry, promised continuity at the company’s annual general meeting earlier this month. He endorsed the target of a 15% return on capital for 2002 set by predecessor Antoine..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Scor finally disposes of Euler to AGF
Scor has sold its remaining 5.07% stake in credit insurer Euler to Allianz subsidiary AGF. Scor has meant to dispose of its interests in Euler for some time, since it is the major shareholder in Coface, one of the world’s biggest credit..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Allianz promises €1bn in Dresdner synergies
German insurer Allianz has estimated the synergies of its merger with Dresdner Bank at €1bn (US$851.6mn) a year from 2006. What impressed analysts was that this figure was obtained by adding estimates made by operating units rather than..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Sampo moves a little closer to Storebrand
Sampo has achieved its first, small, victory in its bid to buy Norwegian insurer Storebrand. Tobacco heir Johan Andresen, who holds 2.6% of Storebrand, has decided to accept the Finnish offer.
The significance is that in the past Mr Andresen has..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Skandia set on bringing If to stock market
Skandia has indicated it still intends to list If, its non-life joint venture (owned together with Storebrand), before the end of June. Analysts were starting to wonder as no prospectus has so far been issued for the joint venture.
Skandia said..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
French insurers under fire as Axa is charged
Axa’s founder and supervisory board chairman Claude Bébéar and his successor as head of the company, Henri de Castries, have been charged with money laundering by the French authorities.
The charge comes at a time when the French..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Pohjola acquires small bank
Finnish insurance group Pohjola is buying a small local investment bank, Conventum, with a view to building up an investment management operation. This effectively precludes any further co-operation with the OKO Bank group.
Payment is to be in the..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Hannover Re
Hannover Re intends to increase its profits by 10% this year, according to president Wilhelm Zeller at the company’s recent annual meeting. It is a target the company has maintained since 1996. This would take Hannover Re’s net profits..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
HIH sold profitable New Zealand insurance subsidiary
Failed Australian insurance giant HIH sold its profitable New Zealand subsidiary shortly before HIH collapsed with A$3bn (US$1.6bn) in liabilities. The New Zealand company, HIH(NZ), which is operating profitably, now avoids any association with the..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
PIAM set on new motor premium structure
The General Insurance Association of Malaysia (Persatuan Insuran Am Malaysia or PIAM) has initiated a series of measures to improve the underwriting of motor insurance business in the country. It has formulated a set of recommendations for..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
ING sells Fortis shares to pay for acquistion
Dutch bancassureur ING has sold some 14.7mn shares in Belgian/Dutch company Fortis to help pay for its purchase of Mexican insurer Seguros Comercial América (SCA). The Fortis shares were sold at €27.75 (US$23.64) apiece, which generated..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Capital market solutions more transparent
The annual volume of catastrophe risk securitisations should reach US$10bn by 2010 from only $1bn at present, Swiss Re predicts in its latest sigma
report*. It also sees vast potential for securitising other types of cover, such as motor insurance,..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Avoiding the downward spiral
Capital providers are making increasing demands of the London market insurers in which they invest. Rob Johnston, managing director of Copenhagen Re (UK), argues that this development not only demands a strong, frank approach to the challenges..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
World loss log 29 May–11 June 2001
Late reports
26.5, earthquake, fatalities
China: two people were killed and more than 600 injured in an earthquake in southwestern China. The quake, measuring 5.8 on the Richter scale, struck a mountainous region on the border of Yunnan and Sichuan..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Company profile: Milli Re
Turkish reinsurance market leader Milli Reasürans recorded a net profit of TL1,115bn (US$1.7mn) in 2000, up 34% from the previous year as an improved underwriting performance offset a reduction in investment income.
According to Milli..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Market responds to new laws
The growth of Indonesia’s non-life insurance market slowed down dramatically in 1999. Market gross premiums (direct premiums plus reinsurance premiums inwards from abroad) fell by 4% to Rp6,398bn (US$511mn). This compared with a 64% growth of..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Storms hit Mutuelles du Mans 2000 results
Mutuelles du Mans (MMA) saw its turnover rise to Fr22.2bn (US$2.9bn) last year from Fr20.6bn in 1999. But net profits dropped to Fr828mn from Fr1.2bn a year earlier.
The drop in profits was due to an exceptional 1999 figure, inflated by the sale of..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Trinidad to change motor insurance law
Insurers in Trinidad and Tobago are up in arms over a government proposal for a system of “no-fault” insurance as an alternative to the third-party risks insurance that has been in existence for decades.
The Law Reform Commission has..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
EU aviation ‘near miss’ bill passes first reading in parliament
European Commission (EC) proposals for mandatory EU-wide rules for the reporting of aviation ‘near misses’ – and the sharing of such information among EU states – cleared their first reading in the European Parliament on 14..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Argentinian insurers brace themselves for move away from cash
Except for commercial transactions, bank cheques are not well regarded in Argentina, according to a story last week in local business publication Clarin
. Most transactions – from paying at the supermarket to buying a car or a house –..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
ADB advises on insurer solvency rules
The Asian Development Bank (ADB) has advised the Filipino government to amend the Insurance Code in order to ease provisions relating to investments by insurance companies and to rationalise solvency margins.
The ADB said these measures, if taken,..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Caribbean insurers to work with regional states against OECD
Caribbean insurers say they are fully prepared to work with regional governments to try and repel the attempt by the Paris-based Organisation for Economic Cooperation & Development (OECD) to undermine the low tax regime that has attracted..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
Maritime safety rules delayed
Disagreements about liability are likely to delay new EU legislation covering maritime safety and pollution compensation.
The European Parliament wants tanker owners to contribute to a compensation fund proposed by the European Commission (EC). But..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001
State body offers relief for motor insurers in India
The Comptroller & Auditor General of India (CAG) has greatly encouraged the country’s general insurance industry by saying motor insurance premium rates need to be reviewed to cope with the huge underwriting losses. CAG is a statutory..
Online Published Date:
22 June 2001
Appeared in issue:
665 - 22 June 2001