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World insurance stock prices
Company/group
Currency
2000 year-end
23/08/01
06/09/01
Change from
23/08/01 %
Capitalisation US$ mn
*
Share split 20-for-one with effect 17 August 2001
Source: iiudata
Ace
US$
42.44
34.74
33.78
(2.8)..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Company profile: New Re
Nouvelle Compagnie de Réassurances (New Re), which is majority-owned by Munich Re, saw its pretax loss worsen from SF14mn (US$8.45mn) in 1999 to SF16mn last year following further deterioration of its underwriting result. The company writes..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Copenhagen Re
Copenhagen Re posted its second pretax loss in a row last year. But increased investment gains and an improved underwriting performance reduced the loss for its consolidated operations to DKr110mn (US$13.4mn), compared with a DKr319mn loss in 1999...
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Increased competition continues to put squeeze on profits
In line with recent trends, the latest WIR
London market broker survey shows trading conditions are getting tougher and that in terms of the overall market data, it is pretty much a downward spiral for brokers.
They have to make a much greater..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Zurich Re renamed
Zurich Financial Services (ZFS) has changed the name of its reinsurance operation from Zurich Re to Converium.
ZFS wants to sell 70% of the reinsurer before the end of the year in an effort to shore up its balance sheet and keep its shareholders..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
AIG closes historic deal as share price falls
AIG has completed the US$23bn acquisition of American General Life. The deal, which represents the world’s largest insurance takeover, is expected to boost AIG’s 2002 earnings by 8% to 10%.
AIG’s domestic life insurance operations..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
France denies Crédit Lyonnais irregularities
The French finance ministry has denied concealing any information about Crédit Lyonnais’s purchase of the Californian insurer Executive Life in the early 1990s.
Last week Wall Street Journal Europe
carried a story about a memorandum..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Scor takes heart
French reinsurer Scor has promised ‘considerable’ improvement in written premiums and operating income for the current year, given the current upturn in conditions in the reinsurance market.
Scor president Jacques Blondeau expects the..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Charman’s golden goodbye
Former Lloyd’s deputy chairman John Charman was paid £8,300 (US$12,103) for bracelets and a DVD player that disappeared from the office he occupied as chief executive of the London-based Ace Global Markets, according to documents released..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Keeping liability at bay
The substantial increase in the number of asbestos bodily injury claims filed in the US over the past year has once again put the spotlight on Equitas, the runoff vehicle charged with the responsibility of settling the Lloyd’s market pre-1993..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
21 August–3 September 2001
Late reports
15.8, floods, fatalities
North Korea: torrential rains killed more than 10 people and destroyed crops, roads and communication lines across large swathes of the coastal areas. Thousands of people were missing and the government..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Best Re delays listing on Paris bourse
Tunis-based Best Re, part of the Saudi Dallah al Baraka group, has put off its flotation on the ‘second market’ in Paris until an unspecified date. The company blamed poor market conditions for the decision.
Best Re was due to sell..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Chilean nonlife sector results encouraging
Chile’s nonlife insurance sector produced a premium income of US$331.6mn and accounted for 26% of the Chilean insurance market’s total income of US$1.28bn in the six months to June 2001, according to the most recent data released by..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Indian regulator on side of policyholders
As expected, India’s insurance regulator has come down firmly in favour of the policyholder. The Insurance Regulatory & Development Authority (IRDA) said insurers will have to pay a penalty calculated at the rate of 10% a year in cases of..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Competition and uncertainty mar Indonesian insurers’ interim results
Poor half-year results posted by some of the biggest players in the Indonesian general insurance market suggest these are not the best of times for the sector.
Many of the country’s general insurers are struggling to survive in the current..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Vote brings closer EU dream of transnational insurers
European governments remain so reluctant to relax their grip on national economic affairs that it will be some years before insurance businesses can operate as genuinely transnational ‘European companies’.
But a 4 September vote by the..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
Singapore opts for single regulator
The Monetary Authority of Singapore (MAS) has proposed legislation for a single licensing regime across the banking, insurance and securities industries.
The idea behind the move is to encourage distributors of investment products to adhere to..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001
New Zealand state-owned power utility to sell insurance to customers
New Zealand’s state-owned electricity company, Genesis Power, plans to start selling insurance to its electricity customers as well as the general public. Genesis is one of New Zealand’s largest power companies, with 450,000..
Online Published Date:
14 September 2001
Appeared in issue:
671 - 14 September 2001