SCOR drop
SCOR reported gross written premiums of €3.691bn for 2003, a fall of 26% compared with 2002.
SCOR said its premium income was significantly hit by currency fluctuations, the reorientation of its underwriting policy in the US and the cessation of business by its Bermuda-based subsidiary Commercial Risk Partners.
XL Capital fall XL Capital put a fourth quarter net loss of $314.8m down to the impact of a $694.1m reserving charge. Net income for the fourth quarter of 2002 had been $214.1m. Its combined ratio increased to 133.2%.
Profit for the full year ending 31 December 2003 fell slightly to $371.7m, compared with $396m for 2002. The combined ratio also increased slightly to 102.6%.
CIS appointment
Co-operative Insurance Society (CIS) has appointed Andy Watson as general insurance director. The ex-Direct Line managing director of general insurance took over this month with a remit of driving forward CIS's new-look insurance arm.
Perkins revival
Birmingham-based broker Perkins Slade returned to profit in 2003, after
one-off expenses pushed its 2002 accounts into the red.
Perkins Slade's accounts for the year to 31 August 2003 show that the company recorded profit before tax of £617,194, up from a loss of £70,550 in 2002.
InsurE PI deal Broker Towergate Finch said it has formed a strategic alliance with InsurE-com to offer insur-E.office users a PI package.
Wellington profit
Positive profit forecasts have been issued by Wellington Underwriting Agencies for its composite Lloyd's Syndicate 2020 for 2002 and 2003, as well as reduced losses for the 2001 year of account. It said Syndicate 2020 had a loss of 15.6% on capacity for the 2001 year of account, after expenses.
