i-law.com - Newsletter (World Insurance Report)

Middle East

Arab market on the up Significant growth opportunities have been forecast for insurance markets in the Middle East and North Africa by leading company in the region, Arab Insurance Group (Arig). Arig said recent reforms, including the opening of..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Asia Pacific

HIH individuals could be banned by regulator The Australian financial services regulator has identified a substantial list of persons that will be investigated in light of the findings of the HIH Royal Commission. The Australian Prudential..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Europe

ING sells Mexican stake ING has ended its bancassurance venture with Mexican company Seguros Bital. The Dutch group is planning to sell its 49% shareholding back to HSBC subsidiary Grupo Financiero Bital, from which ING acquired the shareholding in..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

North America

HartRe business moves to Endurance Specialty Bermudian company Endurance Specialty Holdings has emerged as the buyer for HartRe, the reinsurance business of Hartford Financial Services Group. Hartford said it was selling the business in order to..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Jardine Lloyd Thompson Group

Significant increases in turnover and profitability follow the restructuring of the group’s operational structure last year UK broking group Jardine Lloyd Thompson (JLT) had another good year in 2002, posting a pretax profit of £100mn..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

GE Frankona Re (Denmark)

The Employers Re subsidiary terminates its international retrocession accounts and sees strong increase in direct business Danish reinsurer GE Frankona Re posted a reduced pretax profit of DKr320mn (US$45mn) in 2002 thanks to a poor underwriting..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Everest Re Group

With a 99% combined ratio in 2002 and limited exposure to asbestos claims, the group is set to profit from the hard market Bermuda-based reinsurance and insurance holding company Everest Re Group had an excellent year in 2002, posting a pre-tax..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Capital and long-tail liability concerns continue to burden sector

With the bleak outlook for life and composite insurance sector stocks, the focus is now on non-life specialist markets A London Financial Times interview last month with the manager of one of the UK’s best performing investment funds..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

SOUTH AFRICA

Market set to maintain positive underwriting performance Results from South Africa’s two leading non-life insurers point to an improvement in underwriting profitability for the general insurance market in 2002 despite increased reinsurance..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Moves to increase local and foreign confidence in insurance sector

New legislative measures focus on consumer protection in preparation for onslaught of foreign competition in 2004 Legislators, in preparation for Hungary’s accession to the EU are making numerous revisions to the country’s insurance..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Gerling

Bank gives up shareholding in insurer Deutsche Bank has given up trying to find a buyer for its 34.5% stake in the insurance group Gerling, and has abandoned its shares. This has left Rolf Gerling holding 94% of the group’s equity, and..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Arch Capital Group sets a hot pace for rest of reinsurance sector

Reinsurer’s direct insurance operations drive spectacular expansion • Hartford disposes of reinsurance portfolio Arch Capital Group has reported a remarkable growth in premiums during the first quarter which far surpasses any of the..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Vote in support of EU airline operators

MPs seek equilibrium in global aviation market following the events of 11 Sept Proposals for EU-wide alignment of aviation insurance requirements1 cleared first reading in the European Parliament on 13 May – subject to some major..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

29 APRIL–12 MAY 2003

Late reports 24.4, explosion, fatalities Canada: a natural gas explosion that levelled a shopping mall in western Toronto has left seven people missing, presumed dead. Four were injured. The blast started a fire at the shopping complex, which..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Waking up to the reality of IT demand in the London market

Tony Illinesi, London market services manager for IT provider CSC, reflects on the changed relationship between IT companies working to re-establish their credibility and insurers trying to meet their IT needs with vastly reduced budgets “If..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Life cos against new body

Government sides with insurers against move by parliament for central control The French parliament wants to subject the country’s life insurers to control by the Autorite des Marches Financiers (AMF), the new financial markets supervisor due..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

MPs vote for environmental liability regime

Parliament demands that insurance cover be mandatory, but time is running out • Compulsory motor insurance in Russia The European Parliament called for an EU-wide liability regime on 14 May by way of an amendment to Environment Commissioner..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Using legacy assets: Capitalising on COBOL

Financial services companies are constantly looking to preserve existing IT investments, and get the most out of current systems without the cost of replacing software unnecessarily. According to Ian Archbell , vice president of product management..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003

Tougher investment laws

Authorities keen to avoid crisis suffered by insurers as result of debt default As the Argentine authorities struggle to restore stability to the country’s ravaged economy, new insurance investment rules have been introduced. As of 1 July..

Online Published Date: 23 May 2003

Appeared in issue: 714 - 23 May 2003