SVB said its 2004 first quarterly results showed trading conditions remained highly encouraging, with rate increases of over 10% in specialty. SVB benefited from increases of nearly …
SVBSVB said its 2004 first quarterly results showed trading conditions remained highly encouraging, with rate increases of over 10% in specialty. SVB benefited from increases of nearly 5% across all classes.It said that for the 2003 year of account, syndicates 1007 and 2147 showed strong positive development with forecasts for both improving. But SVB admitted that its Syndicate1241 still required more reserve strengthening especially for its discontinued liability reinsurance business. For 2003, the forecast for Syndicate 1007 is 10% to 17.5%.
Allianz CornhillBenign weather conditions and an absence of major property losses meant that Allianz Cornhill was able to produce an "excellent start to the year". The company saw its operating profit increase by 29% to £46.3m, up from £36m recorded for the first quarter of 2003. The combined ratio improved from 97.8% in the first quarter of 2003 to 96.2% in the first quarter of 2004.Gross written premiums increased from £478.5m in 2003 to £495.1m in the first quarter of 2004.
Domestic & GeneralThe Domestic & General Group blamed the negative publicity surrounding the Competition Commission's inquiry into the warranty market for its poor increase in turnover. The company managed a modest 6.4% increase in turnover in reporting its nine-month figures ended 31 March.D&G chairman, Nicholas Rochez, said: "We expect remedies recommended by the commission, which affects the point of sale market, which is less than 3% of our income, to be implemented in the next few months."But the group saw its operating profits jump from £10m in March 2003 to £15.7m March 2004. Its warranty business more than doubled to £11.1m.
ChaucerChaucer Holdings increased its forecasts for motor syndicate 587, marine syndicate 1084 and non-marine syndicate 1096 by 2%, 1.5% and 1% respectively on the back of what it called encouraging 2004 first quarter results.