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Jersey insurance market remains static

The Jersey Financial Services Commission today announced that no new insurance company companies were set up during the quarter ended 30 June 2004, nor were there any cancellations. The total number of insurance licences at 30 June 2004 remained at 170.

RMS estimates Jeanne damage

Risk Management Solutions (RMS) has estimated that insured losses from Hurricane Jeanne would be between $4 to $8bn, based on an assessment of the hurricane’s characteristics at the time of landfall and its projected path.

Lloyd's upgraded

Rating agency Fitch has today upgraded the Insurer Financial Strength rating of Lloyd's of London to 'A' from 'A-' (A minus). Following the upgrade the outlook is Stable.

Swiss Re announces storm losses

Swiss Re has announced that, based on current estimates, it expects its claims related to Hurricane Ivan and Typhoon Songda to be approximately $300m before tax.

ABI attacks government's NHS proposal

Businesses face higher insurance costs because of government plans for the National Health Service to recover costs of treating workplace accidents victims, the Association of British Insurers said today.

BMA grants new licences

The Bahrain Monetary Agency (BMA) has granted a licence to Aon Corporation to establish Aon Re Middle East, an insurance brokerage firm in Bahrain.

Global Re reports substantial balance sheet loss

Global Re has announced that the 2003 financial year was another difficult year for the company. After having discontinued the underwriting of new property and casualty business on 26 October 2002, Global Re closed its first full financial year as…

Corbally appointed COO at XL Weather

XL Weather & Energy (XLWE), a subsidiary of XL Capital has announced the appointment of Michael Corbally as senior managing director and chief operating officer.

IIB angered by FSA broker stance

Financial Services Authority chairman Callum McCarthy has refused to alter rules that expose general brokers to unlimited individual FSCS claims arising from insurance mediation activities, according to the Institute of Insurance Brokers.

Admiral IPO begins successfully

Admiral Group has successfully placed its initial public offering of existing ordinary shares to institutional investors. The offer price was set at 275 pence, with shares trading at 283 pence at 8:15am

JLT switches Cayman operations to Bermuda

JLT Risk Solutions has announced that following the catastrophic damage caused by Hurricane Ivan it has temporarily relocated its Cayman operation to its Bermuda office while the damage to infrastructure is being repaired.

Offshoring trend to continue

Norwich Union has announced plans to move 950 more jobs abroad following its December announcement of shifting 2350 jobs to India, according to the National Outsourcing Association.

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