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Bradesco tops Brazilian market
Latin America
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Pru scraps bonus plans
Europe
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
KKR reduces Willis stake
North America
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
World insurance stock prices
Company/group
Currency
31/12/01
2/5/02
16/5/02
Change from 2/5/02 %
Capitalisation US$ mn
© World Insurance Report
Ace
US$
40.15
36.39
33.39
(8.2)
8,745
AIG
US$
79.40
71.51
68.71
(3.9)..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Company profile: LaSalle Re Holdings
Bermudian reinsurer LaSalle Re Holdings reported a net loss of US$11mn for fiscal 2001. This compared with a profit of $23mn for 2000. The negative result reflected underwriting losses arising from the 11 September 2001 terrorist attack and losses..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Company profile: Aon Corporation
Broking group Aon was hard hit by the events of 11 September. The group lost 175 employees in the terrorist attack on the World Trade Center, where it occupied several of the higher floors of one of the towers.
In addition to the tragic human cost,..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Berkshire Hathaway
The insurance operations of the Omaha based investment holding company Berkshire Hathaway produced an underwriting loss of US$4.1bn in 2001 compared with a loss of $1.6bn in 2000. The 2001 result included an underwriting loss of $3.7bn for composite..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Realising opportunity and profit in the world’s most attritional market
Guerrilla tactics is probably not the most appropriate phrase to describe the business strategy of one of the most respected reinsurers in the world; but in the case of Hannover Re, no two words more accurately explain the company’s ability to..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Allianz aviation liability scheme takes off
Allianz has now set up its planned scheme for insuring airlines against third party liability on the ground. Reports suggest that the German group’s Allianz Globus MAT unit has gone into partnership with a subsidiary of the US Berkshire..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
ACS to be split up into separate units
Axa Corporate Solutions (ACS) looks set to be split up into three separate units. This will help Axa put in place the management transparency currently demanded by its shareholders.
The most important division will be between Axa’s reinsurance..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Insurers face $2.2bn asbestos charge
Insurers will need to dip into their asbestos reserves after a settlement agreed between chemical group PPG and claimants. At US$2.7bn the settlement is one of the highest in asbestos litigation history and while PPG expects to pay $500mn of the..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Berkshire investment to boost Kemper unit
Berkshire Hathaway’s investment in insurance companies outside the group’s own insurance operations continued in May when the Berkshire made a series of commitments to Kemper Insurance.
To facilitate the deal, a new holding company will..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
St Paul targets property market
St Paul Companies has announced a phase of further restructuring after spinning off its reinsurance operations to form an independently-listed company. In the latest move St Paul Companies is to launch a new underwriting operation to target property..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Endurance acquires LaSalleRe portfolio
Endurance Specialty, one of the new wave of Bermudian companies formed since 11 September, has accelerated its growth plans through the acquisition of the in-force property catastrophe account of reinsurer LaSalle Re from current owner Trenwick..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Service and the bottom line
Intermediaries figure prominently in most business sectors, whether in the consumer goods or the financial services sector, contributing to the successful sale of products and services.
Grahame Chiltern,
chief executive of insurance broking group,..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Air crashes pressure Aioi
Asia-Pacific
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
30 April–13 May 2002
Late reports
25.04, explosion, fatalities
China: 23 coal miners were killed after a gas explosion in southwest China. A further 12 miners were believed to have survived the blast.
26.04, derailment, business interruption
US: a train derailment in..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Market growth propelled by boom in single premium life business
The Malaysian insurance market saw strong premium growth in 2000, but profitability was significantly down on the previous year.
Premium income for the combined life and general insurance sectors grew by 29% to M$15.2bn (US$4.0bn), driven by the..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Private pension scheme anticipated
Insurance analysts in France expect legislation for the the return of some form of private provision of complementary pensions if the parliamentary elections next month (with voting due in two rounds on 9th and 16th June) produce a conservative..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
French court strikes down insurance labour agreement
France’s High Court has declared void a labour agreement between the French insurers’ association and the CFDT trade union. The problem was the degree of flexibility that the agreement allowed for companies to set working hours in..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
EU cross border insurance sales raise fraud concern
EU legislation aimed at encouraging crossborder insurance sales cleared its second reading in the European Parliament on May 14.
The measure now looks likely to receive early approval from the Council of Ministers, on behalf of the 15 EU member..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002
Regulatory shift in Caribbean
There is now a clear drive towards integrated regulation of the financial services industry in the Caribbean. Support for the move within the insurance sector is driven by the belief that the structural shortcomings, which led to the near-collapse..
Online Published Date:
24 May 2002
Appeared in issue:
688 - 24 May 2002