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ING and Old Mutual pleased with US results
North America
Online Published Date:
05 July 2002
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691 - 05 July 2002
World insurance stock prices
Company/group
Currency
31/12/01
13/6/02
27/6/02
Change from
13/6/02 %
Capitalisation US$ mn
* RenaissanceRe’s Board of Directors approved a three-for-one split of the company's common stock in the form of a stock..
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05 July 2002
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691 - 05 July 2002
Company profile: Brit Insurance Limited
Founded in 1994, Brit Insurance primarily writes catastrophe excess of loss business but in recent years the company has diversified into financial risks and structured legal expenses insurance. Brit changed its name from Benfield Re in..
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05 July 2002
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691 - 05 July 2002
Company profile: Ace Limited
Bermuda-based insurer and reinsurer Ace Ltd posted a pre-tax loss of US$202mn for its consolidated operations in 2001. This compared with a $637mn profit in 2000.
The company’s after tax result was a loss of $146mn against a profit of $543mn..
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05 July 2002
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691 - 05 July 2002
AIG
American International Group (AIG) is the largest underwriter of commercial and industrial insurance in the United States.
And, as the recent controversy surrounding the Chinese government’s decision to give AIG the first foreign license to..
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05 July 2002
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691 - 05 July 2002
Caribbean insurers wait anxiously to hear whether 2002 is El Niño or hurricane year
Caribbean insurance companies expect to hear on 11 July, when the US National Oceanic and Atmospheric Administration (NOAA) issues its next monthly report, that 2002 is officially an El Niño year.
This conclusion will be based on a consecutive..
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05 July 2002
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691 - 05 July 2002
Japanese market sees further consolidation
Two of the biggest insurers in Japan – Yasuda Fire & Marine Insurance and Nissan Fire & Marine Insurance – have merged to form the country’s second-largest nonlife insurer, Sompo Japan Insurance. Only Millea Holdings,..
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05 July 2002
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691 - 05 July 2002
China prepares to liberalise nonlife market
The Chinese authorities are preparing to open up the domestic nonlife insurance market, thought to be worth about US$120bn, to both foreign and local insurers. According to Wang Zaosheng, director of the Market Management Department with the..
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05 July 2002
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691 - 05 July 2002
Singapore motor premiums set to rise
All three major motor insurance companies operating in Singapore are planning a gradual increase in premium rates.
This is on top of the premium hikes ranging between 5% and 20% imposed on the market earlier this year owing to losses suffered by the..
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05 July 2002
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691 - 05 July 2002
Golden opportunities in a volatile and high risk environment
Driven by the prospect of European Union membership, the countries of Central and Eastern Europe (CEE) have done much to liberalise and reform their financial services markets. But over the last few years the pace of change has increased..
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05 July 2002
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691 - 05 July 2002
Euler & Hermes
The Allianz group’s credit insurer Euler & Hermes is planning a share issue to boost its capital. Some 5.37 million new shares are due to be sold at €32 (US$31.6) a piece to raise some €171.8mn.
Existing shareholders will be..
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05 July 2002
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691 - 05 July 2002
German pension reform disappointing
The reform of the German pensions market has so far proved disappointing, according to a report by the consultants PricewaterhouseCoopers (PwC). The report is based on a survey of some 49 banks and insurance companies.
It suggests that the reforms..
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05 July 2002
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691 - 05 July 2002
Hungarian market stages 1st qtr recovery
After a lucklustre performance in 2001, the Hungarian insurance market showed definite signs of recovery during the first quarter of this year.
Following a negative development in life business, where savings unit linked business suffered due to..
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05 July 2002
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691 - 05 July 2002
Skandia moves into French life market
Skandia’s French life insurance subsidiary, Skandia France, started operations last week. Despite a 6% contraction last year, the French life insurance market is the second largest in Europe.
The president of Skandia Europe, Ulf Spang,..
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05 July 2002
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691 - 05 July 2002
Insurers estimate exposure to WorldCom malpractice
The $3.8bn accounting hole that hit Mississippi-based telecoms company WorldCom had insurers worldwide checking their holdings of the beleaguered company’s bonds and stock.
Insurance share prices were marked down significantly the morning..
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05 July 2002
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691 - 05 July 2002
South Korea’s FSS reprimands foreign companies for unauthorised marketing campaigns as regulatory regime is tightened
South Korea’s Financial Supervisory Service (FSS) has reprimanded three foreign insurance companies for what it considers to be unauthorized business activities. The companies are Germany’s Allianz, France’s Scor Reinsurance..
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05 July 2002
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11–24 June 2002
Late reports
7.6, collision, fatalities
Canada: The driver of a mini-van and four passengers were all killed when the van was hit by a commuter train on a rail crossing north of Toronto. The mini-van was left upside-down in a ditch, 30 metres from..
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05 July 2002
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691 - 05 July 2002
Agricultural insurance expands in Chile
The number of agricultural insurance policies written in Chile is likely to rise from 2,000 in 2001 to 4,000 during 2002, only the second year of the agricultural insurance scheme’s existence. The projections prepared by Eugenio Rodríguez..
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05 July 2002
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691 - 05 July 2002
Slow down in life sector hits French market
The total turnover of the French insurance industry rose by 2.2% last year to €210bn (US$207bn) according to the Federation Française des Societe d’Assurances (FFSA). But only €127.0bn was direct business written in France..
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05 July 2002
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Winterthur recapitalised
Credit Suisse Group has injected SF600mn (US$404mn) of capital into its insurance subsidiary Winterthur. The group noted that this would reinforce the solvency margin of the insurer which has been battered by the ‘negative progress’ of..
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05 July 2002
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691 - 05 July 2002
Consumer groups intensify offensive against terror legislation
Consumer groups, led by the Consumers Federation of America (CFA), have condemned the terror legislation passed by the Senate two weeks ago. The protests, which are intended to produce last minute amendments to the bill in the crucial committee..
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05 July 2002
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Insurance an election issue in New Zealand
Workplace insurance has become something of a political football in the lead up to New Zealand’s general election on 27 July. The opposition National Party threatens to again privatise the Accident Compensation Insurance Corporation (ACC) if..
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05 July 2002
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State to overhaul insurance laws
The government of the Australian state of Victoria intends to change the law in the Spring session of Parliament to make insurance cover more widely available. In particular, laws controlling plumbers’ insurance will be reformed.
Other..
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05 July 2002
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691 - 05 July 2002
PZU chief resigns from supervisory board
Zadislaw Montkiewicz, chief executive of Polish insurance group, PZU, has resigned his presidency of the supervisory board of the life insurance affiliate PZU Zycie. The resignation was triggered by treasury minister Wieslaw Kaczmarek’s..
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05 July 2002
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691 - 05 July 2002
Affording the future
The European Financial Services Round Table (EFR) published its report, One Europe, One Pension, on the benefits of a single European market for pensions last week. The report argues that the people and economies of Europe face a real and growing..
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05 July 2002
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Insurers settle Irish beef loss
The Irish government is reckoned to have lost up to €18mn following the settlement of a protracted dispute over an insurance claim originating more than ten years ago. Fire at a meat processing plant in Ireland in January 1992 led to the..
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05 July 2002
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691 - 05 July 2002