R&SA gets £10m

Royal & SunAlliance is to sell Tyndall Investment Management (Australia) to James Fielding Holdings for around £10m.

D&G shares sold

Prudential and the Prudential Assurance Company have acquired 1.5 million shares of Domestic & General.

L&G buys shares

Legal & General has bought 500,000 more shares in Wellington Underwriting, increasing its stake to 17.5m shares.

Ace back in black

Ace pulled into profit last year with a net operating income of $511m (£315.7m) compared to a $69m (£42.6m) loss the year before.

The company's gross written premiums rose to $12.8bn (£7.9bn) from $10.2bn (£6.3bn) in 2001. Underwriting income stayed negative at a loss of $138m (£85.2m) for 2002 compared to a loss of $645m (£398.7m) in 2001.

Ace put $354m aside as extra reserves against asbestos losses, which made a fourth quarter loss inevitable. Ace reported a net loss of $168m (£103.8m) for the quarter compared to $46m (£28.4m) in the same period the year before.

Ace's investment income increased to $802m (£495.8m) for 2002 from $785m (£485.3m) the year before.