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Worldwide Reinsurance News
Berkshire Hathaway Estimates Pretax Losses of $2.2 Billion From Terror Attacks:
(BestWire - 9/20/01) Berkshire Hathaway Inc. (NYSE BRK.A) is "guessing" it will see a pretax loss of $2.2 billion from the Sept. 11 attacks in New York and Washington, the company said in a statement.
Munich Re, Swiss Re Double Their Loss Estimates From Terror Attacks:
(BestWire - 9/20/01) Two of the world's largest reinsurers more than doubled their estimates of losses from last week's terrorist attacks on the United States, citing an emerging picture of destruction around the World Trade Center that is far worse than originally thought.
Navigators Group Estimates Terror Losses to Reach $5 Million:
(BestWire - 9/20/01) Navigators Group Inc. (NASDAQ:NAVG) estimates that its after-tax net loss from the Sept. 11 attacks on the World Trade Center to be about $5 million.
St. Paul's WTC-Related Losses Estimated at $700 Million:
(BestWire - 9/19/01) St. Paul Cos. (NYSE:SPC) said it is facing an estimated $700 million in pretax losses stemming from the Sept. 11 attack on the World Trade Center and the downing of four airliners.
Fallout From Attacks Continues at Lloyd's:
(BestWire - 9/18/01) Loss estimates from the Sept. 11 terrorist attack on the United States continued to trickle out at Lloyd's, as the London market set the stage for ships to be charged war risk premiums for calling at a growing number of ports in the Middle East.
Insurers Continue Stock Buybacks; Many Insurers Hold Steady After Sell-Off:
(BestWire - 9/18/01) Prices of publicly traded insurers were at least holding steady by Sept. 18, after equity markets took a plunge Sept. 17--the first day of trading after the close of the stock exchanges following the recent World Trade Center and Pentagon terrorist attacks.
Property/Casualty Net Income Dropped 76% in First Half of 2001, Second Half Drop Expected.:
(BestWire - 9/18/01) The U.S. property/casualty industry's net income after taxes dropped 76% to $2.5 billion, from $7.9 billion in 2000, on major catastrophe losses during the first half of 2001.
Taiwan WTO Agreement Reached Day After China:
(BestWire - 9/18/01) A day after China reached agreement on the terms of its entry into the World Trade Organization, Taiwan has done the same.
Transatlantic Estimates Loss From WTC Attacks at $100 Million:
(BestWire - 9/18/01) Transatlantic Holdings Inc. (NYSE:TRH), a New York-based reinsurer, said its estimated net loss from the Sept. 11 attacks on the World Trade Center and the loss of four airliners stands at $100 million after taxes.
Australia's QBE, a Big Lloyd's Player, Issues Profit Warning After Terror;Attack:
(BestWire - 9/17/01) Australia's QBE Insurance Group Ltd., a major player at Lloyd's, said much of its 2001 profit could be wiped out by losses from last week's terrorist attacks on the United States, with claims on aviation and personal accident coverage likely to exceed the company's reinsurance protection for those lines of business.
China Reaches WTO Deal That U.S. Insurers Like:
(BestWire - 9/17/01) China reached agreement on the terms of its entry into the World Trade Organization, including a compromise on an insurance issue that could still be left to interpretation by some, said an insurance association.
Employers Re Estimates WTC Losses at $600 Million:
(BestWire - 9/17/01) General Electric's (NYSE:GE) Employers Reinsurance Corp. said a preliminary estimate of its losses related to the World Trade Center disaster stands at $600 million--$400 million after taxes.
Everest Re Anticipates $75 Million Loss in WTC Disaster:
(BestWire - 9/17/01) Everest Re Group Ltd. (NYSE:RE) said it estimates its losses from the Sept. 11 terrorist attacks on the World Trade Center at about $75 million, after tax and reinsurance.
PXRE's Disaster Losses May Reach $35 Million:
(BestWire - 9/17/01) PXRE Group Ltd. (NYSE:PXT) expects to lose $30 million to $35 million from the Sept. 11 terrorist attacks that leveled the World Trade Center in New York and brought down four airliners.
Reinsurers Among the Hardest Hit as Stock Market Reopens:
(BestWire - 9/17/01) Several publicly traded insurance companies initiated stock-buyback programs in the wake of the terrorist attacks last week on the World Trade Center and Pentagon.
Odyssey Re Reports Loss Estimate From WTC Attack:
(BestWire - 9/14/01) Odyssey Re Holding Corp. (NYSE & TSE:ORH) said it expects pretax net losses relating to the terrorist attack on the World Trade Center will be in the range of $80 million, with after-tax losses in the range of $55 million.
PartnerRe's Losses Could Hit $400 Million in Terror Attacks:
(BestWire - 9/14/01) Reinsurer PartnerRe Ltd. said its losses from this week's terrorist attacks on the United States would likely be in the range of $350 million to $400 million.
WTC Buildings Believed to Be Insured for About $4 Billion:
(BestWire - 9/14/01) The entire World Trade Center complex, including the towers demolished in the Sept. 11 terrorist attack, was probably insured for about $4 billion, said Robert Hartwig, chief economist with the Insurance Information Institute.
Life Reinsurers Face Large Policy Losses Stemming from Attack:
(BestWire - 9/13/01) Life reinsurers will sustain substantial losses resulting from the events that unfolded Sept. 11 in New York, Washington, D.C., and Pennsylvania, A.M. Best Co. financial analysts said.
Lloyd's Struggles to Tally Losses From Terror Attacks:
(BestWire - 9/13/01) Lloyd's acknowledged Thursday that it was heavily involved in insuring both the World Trade Center and the two airlines whose planes were used in the Sept. 11 terrorist attacks on the United States, but the market closed the door on any early estimate of ts collective losses.
U.K. Insurers Grappled With Terrorism Threat Years Ago:
(BestWire - 9/13/01) The terrorist attacks on the United States this week are taking U.S. insurers down a road that's all too familiar to insurers in the United Kingdom.
American Capital Access Combines Investment Banking, Insurance:
(BestWire - 9/12/01) American Capital Access is a new breed of insurance company, its chief executive officer Michael Satz, said.
Data Analysis Propels Reinsurance Choices:
(BestWire - 9/12/01) The U.S. reinsurance market is hardening, but changes among reinsurers have slowed down the decision-making process in some cases, Rod Fox, chief executive officer of Benfield Group, said in an interview Sept. 10 at the Rendez-Vous de Septembre in Monte Carlo.
Hardening Reinsurance Market Requires More Accurate Pricing:
(BestWire - 9/12/01) Reinsurers are united more than ever in their search for fair pricing, said Geoffrey I.K. Bromley, executive vice president of broker Guy Carpenter & Co., a subsidiary of Marsh & McLennan Cos.
In the Spotlight: GenRe CEO Says Lesson Learned From Losses:
(BestWire - 9/12/01) General Re Corp. has learned from its underwriting losses and continues to rebound from unprofitable business, said the company's new chief executive officer.
Reinsurers at Rendezvous Stunned by Trade Center Attack:
(BestWire - 9/12/01) "L'Apocalypse." "La Monde a Peur." "Attacco All'America."
Reinsurers Expect Massive--but Manageable--Losses From Terrorist Attacks:
(BestWire - 9/12/01) Reinsurers' losses from the Sept. 11 terror attacks on the United States will be equivalent to their worst-ever catastrophe payouts, but the biggest players in the market said they would be able to meet their obligations.
Willis: Cross-Selling Key for Reinsurance Brokers:
(BestWire - 9/12/01) As the worlds of banking and insurance converge, opportunities for brokers are growing exponentially, the chairman and chief executive officer of Willis Group said.
American Capital Branches Out to Credit Insurance for Noninvestment-Grade;Vehicles:
(BestWire - 9/10/01) American Capital Access is a new breed of insurance company, said Chief Executive Officer Michael Satz.
GE Frankona Wants Bigger Share of European Pie:
(BestWire - 9/10/01) GE Frankona Re is hoping to tap into its experience as a General Electric Co. subsidiary to entice its European clients into giving it a larger share of their business, said GE Frankona's president and chief executive officer.
Operating Fundamentals Are Essential to Reinsurers' Success:
(BestWire - 9/10/01) The deterioration of underwriting results and the battering of investment earnings by the U.S. stock market have delivered a one-two punch to the reinsurance industry, prompting structural changes in operating fundamentals, according to the special report, "Reinsurance: An Industry in Rehabilitation," being released by A.M. Best this week at the Rendez-Vous de Septembre international reinsurance conference in Monaco.
PartnerRe Says Being Big Isn't Always Better:
(BestWire - 9/10/01) PartnerRe Ltd. (NYSE:PRE), which grew its U.S. operations more than tenfold since 1996, isn't interested in becoming one of the top five players in the reinsurance industry, its chief executive officer said.
XL Capital Offers $500 Million in Senior Notes:
(BestWire - 9/10/01) XL Capital Ltd. (NYSE:XL) said it would sell $500 million of its 6.375% senior notes, due 2011, through a special-purpose finance subsidiary in the United Kingdom.
XL Capital Seeks Controlling Stake in Le Mans Re:
(BestWire - 9/10/01) XL Capital Ltd. (NYSE:XL) said it is negotiating terms under which it would acquire a 67% controlling interest in Le Mans Re.
Catastrophes Hurt Six-Month Property/Casualty Results:
(BestWire - 9/7/01) The property/casualty industry suffered its worst second-quarter catastrophe losses in history in the period ending June 30, 2001.
Employers Reinsurance Corp. Names Chief Underwriting Officer:
(BestWire - 9/7/01) Employers Reinsurance Corp. has named Mike Moncada to the role of chief underwriting officer for its P&C Re Americas business.
Swiss Re Earnings Drop as Realized Gains Tumble:
(BestWire - 9/7/01) Swiss Reinsurance Co's first-half earnings dropped 55% as realized investment gains fell by about three-quarters from the first six months of 2000.
Willis Re Names Senior Vice President:
(BestWire - 9/7/01) Willis Re Inc. has named Ken Ingrey as senior vice president. Ingrey will operate from the San Francisco office and will be responsible for producing new property and casualty treaty reinsurance business on the West Coast.
Zurich's Earnings Drop as Sales, Divestitures Loom:
(BestWire - 9/6/01) Zurich Financial Services Group posted a steep decline in first-half earnings, but it also moved a step closer to taking its reinsurance arm public and hinted at an impending sale of its U.S.-based Zurich Scudder Investments unit.
Scor Credits Hard Market for Upturn in Results:
(BestWire - 9/6/01) French reinsurer Scor posted a sharp increase in net income for the first half of 2001 as the hardening reinsurance market began to deliver results to the bottom line.
A Closer Look: American Re-Insurance Sets Online Priorities:
(BestWire - 9/5/01) American Re-Insurance, a member of the Munich Re Group, decided three years ago that it needed to roll out an e-commerce business model. At the same time, the Princeton, N.J.-based reinsurer also determined that the task deservedly belonged to the business side of the corporation and not as an information-technology initiative.
General Re Taps Brandon as New CEO, Chairman:
(BestWire - 9/5/01) General Re Corp. said Joseph P. Brandon, executive vice president, will succeed Ronald E. Ferguson as chief executive officer when Ferguson steps down Oct. 1.
BestWeek: American Re Launches New E-Commerce Business Model:
(BestWire - 8/31/01) After three years of planning and refining, American Re-Insurance has launched Future Fac, an e-commerce business model that allows clients to place facultative reinsurance over the Internet any time, according to the article, "American Re-Insurance Sets Priorities, Updates Online Quoting and Binding," in the Sept. 3 issue of BestWeek.
California Earthquake Authority Drops Berkshire Hathaway for Reinsurance:
(BestWire - 8/31/01) The California Earthquake Authority, a provider of earthquake insurance for California homeowners, has switched its provider for a $537.6 million reinsurance layer from Berkshire Hathaway Inc. and CNA Financial Corp. to an insurance consortium, a spokesman for the authority said.
China, India Seen Driving Growth of Insurance in Asia:
(BestWire - 8/31/01) China and India will lead the growth in Asia's insurance markets, which have recovered well from the region's financial crisis and are poised for healthy expansion, according to a new report by Swiss Reinsurance Co. The exception is Japan, which remains in its own, separate doldrums, Swiss Re's newest sigma report says.
Hannover Re Names President-COO of Clarendon Group:
(BestWire - 8/31/01) Hannover Re has appointed Detlef Steiner as president and chief operating officer of Clarendon Insurance Group, its largest subsidiary, effective Sept. 1.
Safeco Affirms Link to Lloyd's After Managing Agent's Head Resigns:
(BestWire - 8/31/01) Safeco Corp. has reaffirmed its support for its London operations after the resignation of Ralph Bailey as managing director of its London-based insurance subsidiary R.F. Bailey (Underwriting Agencies) Ltd.
UPDATE: IPC Holdings' Second-Quarter Results Weather a Catastrophic Quarter:
(BestWire - 8/31/01) IPC Holdings Ltd. (NASDAQ: IPCR) posted a dramatic jump in net and operating income, citing underwriting discipline during a quarter rife with catastrophes.
Munich Re's Profit Nearly Doubled in First Half:
(BestWire - 8/30/01) Germany's Munich Reinsurance Co. nearly doubled its net profit for the first half of 2001, boosted by improving conditions in the reinsurance market and a one-time gain from the revaluation of its stake in Allianz AG Holding.
Officer Rules FWUA Is a State Agency; 'Keep-Out' Program Could Be Delayed:
(BestWire - 8/30/01) W.R. Berkley Corp. (NYSE:BER) has appointed James W. McCleary as senior vice president of reinsurance operations.
W. R. Berkley Makes Senior Management Appointments:
(BestWire - 8/30/01) W.R. Berkley Corp. (NYSE:BER) has appointed James W. McCleary as senior vice president of reinsurance operations.
Lloyd's Projects Narrowed Loss for 2000:
(BestWire - 8/29/01) Lloyd's released its first projection of results on its 2000 year of account, forecasting a loss of 694 million pounds ($1 = 0.69 pounds), which would represent the start of an upswing from even more dismal results for 1999.
Reinsurers Called Under-Reserved; Some Might Be Acquisition Targets:
(BestWire - 8/23/01) With old asbestos and environmental claims still haunting reinsurers, the strong companies are poised to get stronger while the weak might become acquisition targets, industry observers said.
West Virginia Considers Medical Malpractice Insurance Pool:
(BestWire - 8/23/01) West Virginia might create an insurance pool to provide medical malpractice insurance for doctors as private-sector coverage becomes more expensive and less available.
Swiss Re, Gerling to Form World's Largest Trade Credit Insurer:
(BestWire - 8/22/01) Swiss Re said its 90%-owned subsidiary NCM Group will be combined with Gerling Credit to form the largest global trade credit insurance company in the world.
Willis Re Inc. Fills Newly Created Position:
(BestWire - 8/22/01) Greg Gatti has joined the Philadelphia office of Willis Re Inc. as vice president of facultative property and casualty.
PXRE Posts Improved 2nd-Quarter Net, Restates First-Quarter Earnings:
(BestWire - 8/17/01) PXRE Group Ltd. (NYSE:PXT) said it restated its first-quarter earnings and posted improved second-quarter net income.
Berkshire Hathaway Net Up 20.8%; Insurance Group Up 9.8%:
(BestWire - 8/15/01) Berkshire Hathaway Inc. (NYSE:BRKa) said its second-quarter net income rose 20.8% on the strength of investment gains and added revenue from newly acquired businesses.
Max Re Raises $176.5 Million in IPO:
(BestWire - 8/14/01) Bermuda reinsurer Max Re Capital Ltd. (NASDAQ: MXRE) said it raised $176.5 million in its initial public offering Aug. 14.
Storm, Reinsurance Rates Contribute to Hallmark Financial's Net Loss:
(BestWire - 8/14/01) Hallmark Financial Services Inc. (AMEX:HAF.EC), a Dallas-based automobile insurer, has posted a second-quarter net loss, citing weather-related claims and a hardening reinsurance market.
ESG Re Posts Second-Quarter Net Loss, Writes Down Carrying Value:
(BestWire - 8/13/01) ESG Re Ltd. (NASDAQ: ESREF) posted a second-quarter net loss, mainly because of a $4.2 million write-down of the company's carrying value and an additional provision of $900,000 to its legal reserve.
Swiss Re Names Blaser CFO of Its Americas Division:
(BestWire - 8/13/01) Swiss Re has appointed Mitchell E. Blaser as chief financial officer of its Americas division, the company's nonlife reinsurance business unit for all of the Americas. He will be responsible for overseeing the Americas division's planning and controlling, accounting and actuarial-reserving departments.
Ace Ltd. Appoints New Director:
(BestWire - 8/10/01) Effective immediately, John A. Krol has been appointed to the board of directors for Ace Ltd.
Federal Tax Rules Pertaining to Captives Are Still Evolving:
(BestWire - 8/10/01) Tax regulations and strategies for captive insurance companies are constantly evolving, providing a challenge for captive managers and regulators alike.
Higher Cat Losses Drive Down American Re Earnings:
(BestWire - 8/10/01) American Re Corp. posted a drastic drop in seond-quarter net income, citing increased catastrophe losses.
Second 'Bowie Bond' Case on Hold Until October:
(BestWire - 8/10/01) A group that has sued Prudential Insurance Company of America twice, claiming the insurer stole its idea to create "Bowie Bonds," will have to wait until October for the second case to move forward, Prudential said.
Risk-Retention Groups Outline Soft-Market Survival Strategies:
(BestWire - 8/9/01) A focus on insurance fundamentals, along with a little luck, were the key to getting through the longest soft market of insurance in recent memory, managers of risk-retention groups told an audience at the 16th annual Vermont Captive Insurance Association conference.
Higher Premiums Boost Odyssey Re's Second-Quarter Net:
(BestWire - 8/8/01) Increases in premiums and terms helped boost Odyssey Re Holdings Corp.'s second-quarter net income by 110.6%, according to its first quarterly report since it launched an initial public offering in June.
In the Spotlight: Chairman Says Ace Will Keep Options Open on Acquisitions:
(BestWire - 8/8/01) Brian Duperreault, chairman and chief executive officer of Ace Ltd. (NYSE: ACE), said his company would consider acquiring a life insurer to grow its primary life business. The life business would dovetail with its accident and health business, which often is sold with life in international markets, he said.
PXRE's Stock Falls as Company Delays Earnings Report:
(BestWire - 8/8/01) PXRE Group Ltd.'s stock price dropped nearly 12% the morning of Aug. 8 after the company said it would delay releasing its second-quarter earnings and would restate its first-quarter earnings.
RIMS Opposes Bill That Would Close So-Called Bermuda Tax Advantage:
(BestWire - 8/8/01) The Risk and Insurance Management Society has come out against congressional legislation that would close a so-called tax advantage for U.S. operations of foreign companies based in offshore tax havens.
Storms Hurt, Investments Help PartnerRe's Second Quarter:
(BestWire - 8/7/01) Second-quarter storms and discontinued European life business dampened second-quarter operating income for PartnerRe Ltd. (NYSE: PRE), while realized gains boosted net income by 3.3%.
Leading Global Reinsurers Solidify Positions in 2000:
(BestWire - 8/6/01) The limited number and relative size of the merger-and-acquisition transactions in 2000 has largely left the rankings of the top 35 global reinsurance organizations unchanged, according to the special report, "Top 35 Global Reinsurers: Spread Widens Between Players," released Aug. 6 by A.M. Best Co.
Scottish Annuity to Acquire Pacific Life's Reinsurance Unit:
(BestWire - 8/6/01) Scottish Annuity & Life Holdings Ltd. (NASDAQ:SCOT) will acquire World-Wide Reassurance Co. for $78 million in stock.
Swiss Re, Lincoln Re Deal Seen as a Win-Win:
(BestWire - 8/6/01) Swiss Re's $2 billion acquisition of the life reinsurance unit of Lincoln National Corp. (NYSE:LNC) will strengthen the businesses of both companies, according to the article, "Analysts Agree: Swiss Re, Lincoln Re Deal is a Win-Win," in the Aug. 6 issue of BestWeek. The acquisitions will combine the No. 3 and No. 1 life/health reinsurers, respectively, in the United States.
Zurich Re Sponsors Bonds to Cover Earthquakes, Hurricanes and Windstorms:
(BestWire - 8/3/01) Zurich Re, the reinsurance arm of Zurich Financial Services Group that is soon to be spun off, said it is has placed $161.8 million of risk-linked securities to cover its property/casualty reinsurance operations.
A.M. Best Assigns 'A' Group Rating to CNA Cos.:
(BestWire - 8/2/01) A.M. Best considers both pools as core to the property/casualty operations of CNA and has assigned a group rating. The negative outlook has been removed.
CNA Posts $1.7 Billion Second-Quarter Net Loss, Takes Hefty Reserve Charge:
(BestWire - 8/2/01) CNA Financial Corp. (NYSE: CNA) posted a $1.76 billion second-quarter loss as it took an after-tax charge of $2.1 billion, or $3.18 billion pretax, mostly to increase reserves for asbestos and environmental claims.
A Closer Look: Catastrophe Losses Riddle 2nd-Quarter Earnings:
(BestWire - 8/1/01) This year's second quarter may be one of the worst ever for catastrophe losses, some property/casualty industry watchers say, as insurers continue to weigh in with the bad news as it related to their earnings.
A.M. Best Affirms Ratings of Lincoln National Corp.'s Subsidiaries:
(BestWire - 7/30/01) A.M. Best Co. has affirmed the A (Excellent) financial strength ratings of Lincoln National Corp.'s (LNC) principal life insurance subsidiaries, Lincoln National Life Insurance Co. and Lincoln Life & Annuity Company of New York.
A.M. Best Upgrades Ratings of Annuity & Life Re Companies:
(BestWire - 7/30/01) A.M. Best Co. has upgraded the financial strength ratings of Annuity & Life Re Holdings Ltd.'s two operating companies, Annuity & Life Reassurance Ltd., (Bermuda) and Annuity & Life Reassurance America Inc. (United States) to A (Excellent) from A- (Excellent).
Lincoln Financial Sells U.S. Life/Health Reinsurance Business to Swiss Re:
(BestWire - 7/30/01) Swiss Re said it agreed to acquire Lincoln National Corp.'s (NYSE:LNC) reinsurance unit, Lincoln Re, for $2 billion, in a transaction that would combine the No. 3 and No. 1 life/health reinsurers, respectively, in the United States.
Swiss Re Sees Lincoln Re Acquisition as Road to the Top in United States:
(BestWire - 7/30/01) Swiss Re's $2 billion acquisition of Lincoln Re will give the world's largest life-health reinsurer a perch at the top of the U.S. life/health reinsurance market--right where it wants to be, a Swiss Re executive told BestWire.
Lincoln National's Second-Quarter Net, Operating Incomes Drop on Investment;Losses:
(BestWire - 7/30/01) Philadelphia-based Lincoln National Corp.'s (NYSE: LNC) second-quarter net and operating incomes fell, attributed mostly to losses in the equity markets.
Battle for Market Share: Independent Reinsurance Brokers vs. Goliaths:
(BestWire - 7/27/01) This year's merger of independent reinsurance brokers E.W. Blanch and Benfield Greig Group has created new competition for the gorillas of the reinsurance broker world--Marsh & McLennan's Guy Carpenter unit and Aon.
NAIC Committee Approves Securitization Model ActSuccess:
(BestWire - 7/27/01) A committee of the National Association of Insurance Commissioners has approved a Special Purpose Reinsurance Vehicle Model Act, with a couple of changes.
Study: Capital Management is Critical to Insurers' Success:
(BestWire - 7/27/01) Capital management is playing an increasingly dominant role as an alternative or complement to reinsurance for insurance companies and their commercial customers to manage risk, a study by Guy Carpenter & Co. said.
W.R. Berkley Posts Jump in Net Despite Storms:
(BestWire - 7/27/01) In spite of suffering from the highest storm losses of any second quarter in the company's history, W.R. Berkley Corp. (NYSE:BER) posted a 43% jump in second-quarter net income on the strength of price increases and new business.
IPC Holdings' Results Weather a Catastrophic Quarter:
(BestWire - 7/26/01) IPC Holdings Ltd. (NASDAQ: IPCR) posted a dramatic jump in net and operating income, citing underwriting discipline during a quarter rife with catastrophes.
NAIC Committee Expected to Vote on Securitization Model Act:
(BestWire - 7/26/01) A committee of the National Association of Insurance Commissioners was expected to vote on its Special Purpose Reinsurance Vehicle Model Act, and possible changes to it, during a July 26 conference call.
In the Spotlight: Lloyd's Looks to Build on U.S. Strength:
(BestWire - 7/25/01) Now that the United States has become Lloyd's single largest insurance market, Lloyd's is conducting a campaign to encourage even more U.S. reinsurance brokers to place business there.
Storms, Restructuring Contribute to Lower Trenwick Earnings:
(BestWire - 7/25/01) Trenwick Group Ltd. (NYSE: TWK) said its second-quarter income will be lower than expected because of reserve strengthening, storm losses and a restructuring charge.
XL Capital Completes Purchase of Winterthur International:
(BestWire - 7/25/01) XL Capital Ltd (NYSE: XL) said it completed its $405 million all-cash purchase of Winterthur International from Winterthur Swiss Insurance Co., a subsidiary of Credit Suisse Group.
Everest Re Eyes New Markets as Net Rises 48.1%:
(BestWire - 7/24/01) Everest Re Group Ltd. (NYSE: RE) said a selective business plan, combined with improving market conditions, boosted its second-quarter net income 48.1%.
Lincoln National's Second-Quarter Net, Operating Incomes Drop on Investment Losses:
(BestWire - 7/24/01) Philadelphia-based Lincoln National Corp.'s (NYSE: LNC) second-quarter net and operating incomes fell, attributed mostly to losses in the equity markets.
PartnerRe Appoints Executive Vice President of Corporate Affairs:
(BestWire - 7/24/01) PartnerRe Ltd. (NYSE:PRE) said that Mark L. Pabst has been appointed executive vice president of corporate affairs, effective July 16.
RenRe Weathers Storms, Posts 30% Rise in Second-Quarter Net:
(BestWire - 7/24/01) While Tropical Storm Allison and other catastrophic events have dragged down some insurers' second-quarter earnings, RenaissanceRe Holdings Ltd. (NYSE: RNR) said it avoided a major hit due to the strength of its book of business.
St. Paul Cos.' Net Earnings Fall by Half:
(BestWire - 7/24/01)
Update: Equitas Boosts Asbestos Reserves Amid Surge in Claims:
(BestWire - 7/23/01) Equitas, the company set up to run off Lloyd's pre-1993 liabilities, said it added 1.7 billion pounds ($1 = 0.70 pounds) to reserves for asbestos-related claims as its surplus and its solvency margin both declined for the fiscal year ended March 31.
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