The week's winners
Alea up 7.4%
SVB up 6.2%
Jardine Lloyd Thompson up 6%
The week's winnersAlea up 7.4%SVB up 6.2%Jardine Lloyd Thompson up 6%
The week's losersWindsor down 6.7%Hardy down 4.8%Alea, the Bermuda-based reinsurer and insurer, was still reaping the benefit of an upbeat trading statement last week.The group's London business managed to renew its two biggest contracts, generating premium of $220m, at expiring terms and conditions. Its London excess and surplus lines portfolio was seeing rates staying firm or improving over 2003, it said. Against this, international property rates were down by an average of 10% to 15% on last year.Bermuda Endurance Specialty Holdings also had a bumper year. Net income for 2003 was 158% higher than 2002 at $263.4m compared to $102m. GE's insurance operations were also doing well. Its double digit earnings growth last year fed into the giant group's 45% jump in profits for the fourth quarter compared to the same period of 2002. Energy reinsurer Partner Re, also in Bermuda, said its net exposure to a blast at Algeria's largest liquefied natural gas plant last week was about $27m to $30m. The explosion killed at least 27 with 70 injured.Back in the UK, Heath Lambert was warning that, amid reports of 1,000% rate increases, the number of insurers writing pension trustees' liability hadhalved. Why? The old dragon of FRS17 rears its ugly head again."Poor performance of final salary schemes and the impact of accounting standard FRS17 are the main contributing factors," said Heath Lambert in a UK market survey. London underwriters were also wary of UK D&O risks. About 2,000 security-class actions were outstanding in the US.