Disasters push RSA to review strategy

Article Abstract:

Royal & Sun Alliance Insurance Group PLC (RSA), an insurance firm based in the UK, will initiate a far-reaching review of the company's global cost base and underwriting strategy because of the company's huge payouts for man-made and natural disasters. Company CEO Bob Mendelsohn stressed that the company is considering to review its commercial lines business as it is poised to assess its exposure to storm-prone areas. RSA's operating profits in a nine-month period dropped a worse-than-anticipated 54% to 342 million pounds sterling. The decline was prompted by bad-weather claims that rose 38 million pounds sterling to 158 million pounds sterling.

Comment:

Will review its global cost base and underwriting strategy due to huge payouts for natural & man-made disasters

Strategy & planning, Royal & Sun Alliance Insurance Group PLC, Article

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Swiss Re projects recovery next year as rates increase

Article Abstract:

Swiss Reinsurance Ltd. is forecasting an industry recovery in the 2002 year as insurance rates increase and as capacity falls. The company believes the casualty and property insurance sector will rebound amidst the lingering aftereffects of the September 11 terrorist attacks.

Market information - general, World, Forecasts and trends, Swiss Reinsurance Co.

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Judge rejects suit against Lloyd's

Article Abstract:

A suit claiming that Lloyd's of London defrauded investors has been turned down by a British High Court judge. The "Names" investors claimed that the firm hid information on increasing asbestos charges.

Legal issues & crime, Cases, Fraud, Lloyd's of London

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