The week's winners
Cox up 2.3%

The week's losers

Goshawk down 29.5%
Amlin down 7.2%

AXA chief executive Henri de Castries gave us an insight into the view from the top of an international insurer when he told Morgan Stanley that price rises were "far from over".

Suggesting that 2004 could see renewed upward pressure for brokers to explain to their clients, he did at least have the goodness to put the rate rises in context: the outlook for the non-life industry was as rosy as it had been for

15 years, he said, adding that, with customers being more risk aware than ever before, they are well prepared to understand the need for price rises.

Back on the stock markets, Trenwick took a bounce on Monday, lifting by 11%, on talk of a forthcoming MBO and the fact that it was quitting aviation business.

Elsewhere, attention appears to be turning to the question of how long reinsurers can remain out of favour with investors.

Munich Re was still languishing at about €92 earlier this week, a small recovery from its 52-week low of €50.40 but a long way off its 52-week high at €250.

Swiss Re, arguably having to struggle even harder against the tide of negative opinion given its very public row with Lloyd's, seems to have found a friend.

An analysts' note from Commerzbank set the target price at SF97, against its current level of about SF80.