The week's winners

The week's winners

  • Hiscox up 7.7%
  • Aon up 7.5%

    The week's losers

  • Allianz down 9%
  • Wellington Underwriting down 8.6%

    From the wreckage of the Enron collapse there is unlikely to be much good news for the insurance majors, such as Fortis, Chubb, AXA and Swiss Re.

    The latest reckoning from PricewaterhouseCoopers, the administrators of the European division of the energy trader, is that creditors could get a meagre 14p for every £1 they are owed. And that's the most they're likely to receive.

    How much they eventually get - or if they get anything at all - is likely to depend on the nature of their investments and exposures.

    The little they could receive may be better than nothing, but will hardly dent their losses.

    CGNU: did its best to impress this week. Not only is it snuggling up to southeast Asian banking group DBS, it is also selling off its Portuguese non-life operation to raise about £4.6m, if it gets a price anything like its net asset value.

    And its growing bancassurance friendship with DBS will deliver exclusive access to a million customers in Hong Kong for both general and life products.

    But for all its efforts, investors remained cautious. The stock was trading at 797p on Tuesday, down from the previous week's high of 835p.

    Wellington: Over at Lloyd's, doom and gloom continues to be the order of the day.

    Forecast losses at Wellington as a result of the WTC tragedy increased to £75m, bumped up by £25m.

    It had previously reckoned on the terrorist attacks triggering net costs of about £50m, announced on 4 October last year.

    The revised loss is equivalent to 40p a share after tax.

    The company said the rise was due to new claims for business interruption and extra expenses, but will keep investors waiting for further detail with more financial results, due out in March.

    Wellington's share price crashed by 20% on Monday. By Tuesday it was sitting steady at 58p, down from the level it had maintained all last week of about 80p.

    SVB: It was a similar story at fellow Lloyd's operator SVB. The stock took a 20% hammering on Tuesday after it had to slash £59m off its capacity for this year.

    It needed the cash to lodge against WTC losses.

    CNP: Eyes will be on French life insurer CNP Assurances for any mention of its reciprocal distribution deal with Prudential when it releases its annual results on 13 March.

    Despite the agreement being made in 1999, the product has been slow getting off the ground.

    Positive news about the deal will be particularly welcome for anyone keen for the Pru to maximise the return from its side of the bargain.

    The deal is that CNP will market a long-term care package funded by the Pru, but the latest from the UK company is simply that it is still at the "testing stage".

    If the Pru can get the product to market by the second half of the year as planned, it will give the Pru the chance to sell through La Poste's vast network of outlets.

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