Europe Intelligence Wire articles from March 2004

Europe Intelligence Wire archives from March 2004

Are we underestimating catastrophes?
March 31, 2004... (From Insurance Day) Byline: Stephen Offsey, PhD, AIR Worldwide "TO say that an idea is necessary is simply to affirm that we cannot conceive the contrary; and the fact that we cannot conceive the contrary of any belief may be a...

Low claims in Spain boost Allianz numbers.
March 31, 2004... (From Insurance Day) Byline: Adrian Ladbury A NEW claims strategy at Allianz Seguros, Spain's second biggest non-life insurance group with a 7% market share, has helped deliver a record post-tax profit for 2003 of E124.4m ($151.5m),...

Underwriting boost for American Safety profits.
March 31, 2004... (From Insurance Day) Byline: Richard Banks AN improved underwriting performance helped boost Bermuda-headquartered American Safety Insurance Holdings' net profits to $7.4m for 2003, up from $2.5m the previous year, writes Richard...

Renewals closure today in South Korea, Japan.
March 31, 2004... (From Insurance Day) Byline: Edward Ion, Singapore TODAY sees the technical closure of the reinsurance renewal season for insurers in Japan and South Korea. With the new round of reinsurance contracts starting on April 1, there...

In bondage to history.
March 31, 2004... (From Insurance Day) LLOYD'S faces a new claims threat. The dark days of slavery are set to come back to haunt the market with a group of ancestors of African men, women and children who were transported to the US to be sold into bondage...

More insurers come under asbestos reserving pressure.
March 31, 2004... (From Insurance Day) Byline: Richard Banks CONTINUING asbestos reserve-strengthening actions by major insurance groups are increasing the pressure for similar moves by peer companies, according to a leading US actuary. Speaking...

Insight takes on role as Lloyd's Singapore agent.
March 31, 2004... (From Insurance Day) Byline: Insight Adjusters & Surveyors is a well-known name in the London and European insurance markets as a preferred loss adjuster for south-east Asia. The company is about to raise its profile even further, as...

Strong enough to face the challenge.
March 31, 2004... (From Insurance Day) Byline: There can be little doubting the London market's underlying capability, writes MARIE-LOUISE ROSSI. But there are obstacles to be overcome in the near future LAST year, the London company market showed a...

Florida doctors push for limit to lawyers' fees in med mal cases.
March 31, 2004... (From Insurance Day) Byline: Richard Banks DOCTORS in Florida are still pushing for a reform that would see limits imposed on how much lawyers can receive in medical malpractice cases. And they are urging members of the public...

Companies must watch out for risks in EU accession countries.
March 31, 2004... (From Insurance Day) Byline: Adrian Ladbury, London WESTERN European and international insurers keen to take advantage of the enlargement of the EU on May 1 should tread carefully, according to a London-based insurance consultant....

Hiscox seals Berkshire deal.
March 31, 2004... (From Insurance Day) Byline: Jon Guy UK insurance group Hiscox has announced the conclusion of a deal with US financial giant Berkshire Hathaway for the acquisition of a significant proportion of the marine and energy business...

2003 - a year in court.
March 31, 2004... (From Insurance Day) Byline: The reinsurance and international risk team at BARLOW LYDE & GILBERT round up the most significant insurance-related litigation heard in the UK High Court last year WARRANTIES IN GE Reinsurance...

LMP and the map for London's future.
March 31, 2004... (From Insurance Day) Byline: Roy Laker, director, LMP Programme PERCEPTIONS of the LMP reform programme have always reflected a wide range of views. Ask any group of brokers, underwriters, software houses or outsourced-service...

The O'Connor case: when (and how) to void a policy.
March 31, 2004... (From Insurance Day) Byline: Charles McGregor, Simpson & Marwick In Frank O'Connor and Another v Bullimore Underwriting Agency (unreported, Court of Session, February 24, 2004) Mr and Mrs O'Connor were the owners of leisure premises...

New look, new optimism for London office rentals.
March 31, 2004... (From Insurance Day) Byline: John Sprawson, managing director, London Underwriting Centre THE physical profile of the London market is changing fast. Newly completed developments such Swiss Re's "Erotic Gherkin", British Land's...

Collection service that delivers.
March 31, 2004... (From Insurance Day) Byline: Pursuing money due on outward reinsurance is few brokers' favourite or most lucrative activity. So, writes MICHAEL COOK, outsourcing the task to specialist suppliers and putting the whole process on an fully...

News in Brief.
March 31, 2004... (From Insurance Day) Winterthur exits SWISS insurer Winterthur Group, the insurance arm of financial services group Credit Suisse, has announced that it will exit the French market by selling its French subsidiary Rhodia Assurances...

Ace becomes insurer to the home of cricket.
March 31, 2004... (From Insurance Day) Byline: Scott Vincent GLOBAL insurer and reinsurer Ace has become a partner to the Lord's cricket ground in St John's Wood, north-west London, following discussions that led to Ace being appointed insurer to the...

Lloyd's set to translate brand into results in Asia.
March 31, 2004... (From Insurance Day) Byline: Edward Ion, Singapore LLOYD'S is close to translating its powerful brand name in Asia into significant premium income growth and profit, according to a senior market representative. The market has...

Posgate gets Aon Re operations job.
March 31, 2004... (From Insurance Day) Byline: Mark Cooper AON Re International has appointed Richard Posgate as group operations director, reporting to chairman and chief executive Clement Booth, writes Symon Ross. Aon said Mr Posgate's remit...

Hong Kong reforms.
March 31, 2004... (From Insurance Day) Byline: David Smyth and Peter Coles cast an eye over the legal challenges facing insurers ON March 19 Hong Kong's chief justice endorsed important changes to the way litigation is conducted in the territory by...

CEA's bid to amend Euro gender directive falters.
March 31, 2004... (From Insurance Day) Byline: Jon Guy THE INDUSTRY'S attempts to amend the controversial European draft gender equality directive narrowly failed yesterday, despite getting the support of 40% of the European parliament. The...

One in five UK insurers would fail FSA proposal.
March 31, 2004... (From Insurance Day) Byline: Jon Guy A FIFTH of UK insurers would fail to meet the Financial Services Authority's (FSA) proposed enhanced capital requirements (ECRs) if they were to be implemented now, according to research from a...

Czech press survey.
March 31, 2004... (From Czech News Agency) PRAGUE, March 31 (CTK) - Jan Machacek says in Hospodarske noviny today that the Czech Republic has too many problems, such as pension reform, economic crime, the budget deficit and health care, that need real...

Skinhead vs. Skinhead in Anti-Racist Fight.
March 31, 2004... (From The Moscow Times) Some of the skinheads roaming Russia's streets are out to attack not those who look different from them, but rather those who look the same. "We beat up fascist skinheads because we want them to associate...

Adzharia's Fortunes Lure New Masters.
March 31, 2004... (From The Moscow Times) BATUMI, Georgia -- "Let's raise our glasses to Mr. Nielsen," Aslan Abashidze said while entertaining journalists earlier this month, only days after his rebellious province of Adzharia had narrowly avoided war....

Putin: Step Up the Fight Against Drugs.
March 31, 2004... (From The Moscow Times) President Vladimir Putin said mushrooming drug abuse is a threat to national security and urged drug enforcement officials to step up their efforts Tuesday. "It must be said that a well-organized and...

Kodanyov Sentenced to 20 Years in Killing.
March 31, 2004... (From The Moscow Times) The Moscow City Court on Wednesday sentenced Liberal Russia co-leader Mikhail Kodanyov to 20 years in a maximum-security prison for ordering the murder of fellow co-leader Sergei Yushenkov last April. The...

Putin Fires 2 Aides, Retains 8 Advisers.
March 31, 2004... (From The Moscow Times) President Vladimir Putin fired two aides and retained eight advisers by decree Tuesday, in line with the reorganization of his Kremlin administration. Yevgeny Shaposhnikov, an Air Force marshal, and Igor...

Basayev Threatens New Attacks.
March 31, 2004... (From The Moscow Times) Chechen warlord Shamil Basayev threatened Tuesday to stage chemical attacks across Russia in retaliation the killing of former rebel leader Zelimkhan Yandarbiyev in Qatar and abuses against Chechen civilians. ...

Manezh Budget Is Rejected.
March 31, 2004... (From The Moscow Times) Mayor Yury Luzhkov has rejected a proposed budget for reconstructing the Central Manezh Exhibition Hall as too expensive. The budget is "set too high and cannot be accepted like that," Luzhkov said, Interfax...

News in Brief: $114,000 for Museum.
March 31, 2004... (From The Moscow Times) MOSCOW -- The 400-square- meter building that houses the Alexei Tolstoy museum was sold by the Moscow city government for as little as $114,000, the Komsomolskaya Pravda newspaper reported Tuesday. Museum...

News in Brief: $250,000 Extortion.
March 31, 2004... (From The Moscow Times) MOSCOW -- The Interior Ministry's internal affairs directorate has detained a senior police officer, accusing him of trying to extort $250,000 from an unnamed Moscow construction company in return for closing a...

Khodorkovsky Essay Causes Stir.
March 31, 2004... (From The Moscow Times) Rarely has a single comment caused such a stir. But then again, rarely has Europe's richest man issued a capitalist manifesto from prison in which he attempts to bury the hatchet with the leader of the world's...

Single Parents Get a Helping Hand in Taganka.
March 31, 2004... (From The Moscow Times) In Russia today, 70 percent of families headed by a single woman live below the poverty line. Fathers frequently fail to pay child support. The state is not much help, with benefits for single-parent children...

Baltics Ease the Pain of the Visa Run.
March 31, 2004... (From The Moscow Times) Stay in Russia long enough as an expat and sooner or later it'll happen to you: You'll have to make a visa run. In fact, new rules for visa registration require those with yearlong business visas to make at least...

Ask a Stupid Question.
March 31, 2004... (From The Moscow Times) Where can I recycle in Moscow? Provided it says so on the label, beer bottles can be returned (earning you 50 kopeks or 18 cents per bottle) to the collection points usually found in grocery stores. Baltika...

Bobst Group SA - 2003 Detailed Results.
March 31, 2004... (From Hugin) Dear Madam, Dear Sir, Please find herewith our press release. A conference for financial analysts and the media will take place today at 10.00 a.m. at our Prilly headquarters. The Power Point presentation will be...

Wandelanleihe der Feintool International Holding erfolgreich platziert.
March 31, 2004... (From Hugin) Feintool International Holding hat am 30. Marz 2004 unter der Federfuhrung der swissfirst Bank AG, Zurich die am 18. Marz 2004 angekundigte Wandelanleihe erfolgreich platziert. Nach Ablauf der Vorwegzeichnungsfrist sowie...

Feintool International Holding successfully places its convertible bond.
March 31, 2004... (From Hugin) On 30 March 2004, Feintool International Holding successfully placed the convertible bond announced on 18 March 2004 in an issue lead managed by swissfirst Bank AG, Zurich. The definitive terms of the convertible bond...

Placement de l'emprunt convertible de Feintool International Holding.
March 31, 2004... (From Hugin) Le 30 mars 2004, Feintool International Holding, sise a Lyss (CH), a place via la swissfirst Bank AG, Zurich, l'emprunt convertible 2004-2009 annonce le 18 mars 2004. Les conditions definitives de l'emprunt ont ete fixees...

Elcoteq Network Corporation's 2001c warrants to the Main List of Helsinki Exchanges.
March 31, 2004... (From Hugin) Elcoteq Network Corporation Stock Exchange Announcement March 31, 2004, at 8.30 am (EET) With effect from April 1, 2004, the C warrants of the Elcoteq Network Corporation 2001 option plan will be combined with the 2001A...

Elcoteq Network Oyj:n 2001C-optio-oikeudet paalistalle.
March 31, 2004... (From Hugin) Elcoteq Network Oyj Porssi-ilmoitus 31.3.2004 klo 8.30 Elcoteq Network Oyj:n vuoden 2001 optio-ohjelman C-optio-oikeudet yhdistetaan 2001A/B -optioihin ja otetaan kaupankaynnin kohteeksi Helsingin Porssin paalistalle...

ELISA MYY SAKSAN LIIKETOIMINTANSA.
March 31, 2004... (From Hugin) Elisa Oyj ja Tropolys GmbH:n vahemmistoomistajat ovat allekirjoittaneet sopimuksen, jonka mukaan Elisa myy tytaryhtionsa Elisa Kommunikation GmbH:n koko osakekannan vahemmistoomistajien ostoryhmalle, joka muodostuu Apax...

ELISA DIVESTS ITS GERMANY-BASED BUSINESS.
March 31, 2004... (From Hugin) Elisa and the minority shareholders of Tropolys GmbH have signed a definitive sale and purchase agreement, which states that Elisa sells its entire ownership in its fully-owned subsidiary Elisa Kommunikation GmbH to a...

Markets.
March 31, 2004... (From Irish Independent) IRISH stocks had mixed fortunes yesterday, with the ISEQ shedding0.83 points, or 0.02pc, to reach 5,173.87. Seventeen stocks rose, 15 fell and 20 stocks remained unchanged. Anglo Irish Bank climbed 13c,...

News In Brief.
March 31, 2004... (From Irish Independent) BoI in UK Post Office loan deal BANK of Ireland and the UK Post Office have launched the first of a number of planned financial services products under their joint venture agreement. The maiden product...

Credit card bills piling up at 28,000-a-day rate.
March 31, 2004... (From Irish Independent) A MOUNTAIN of undelivered credit card bills is piling up at a rate of over 28,000 every working day that the postal strike continues. So far, as the postal strike enters day 12, (its eighth working day),...

Profit of [euro]72m at Belgian-owned IIB.
March 31, 2004... (From Irish Independent) BUMPER demand for new home loans has driven another strong performance at IIB Bank, the mortgage and business bank that is owned by Belgianbanking and insurance group KBC. The Dublin-based group turned in a...

Broadcasters urge tough line on new licences.
March 31, 2004... (From Irish Independent) FUTURE radio licences should only be granted following independent economic assessments, according to the Independent Broadcasters of Ireland (IBI). The body claimed that as most new stations in the Dublin...

Elan sells drug rights for [euro]45m to Vernalis.
March 31, 2004... (From Irish Independent) ELAN has sold the North American commercialisation rights to migrainetreatment Frova in a [euro]45.07m deal to Vernalis, a British biotech firm. The payments will be spread out between now and December 31,...

Baltimore slammed on profits from disposals.
March 31, 2004... (From Irish Independent) THE biggest shareholder in Baltimore Technologies yesterday fired a broadside at thecompany, accusing it of overestimating profits from recent disposals. Baltimore, which is due to release results today, is...

ESRI predicts 3.5pc growth but outlook is still uncertain.
March 31, 2004... (From Irish Independent) THE economy should grow by 3.5pc this year - though the outlook remainsuncertain and depends largely on a strong international recovery, as well as favourable currency movements. This was the message from the...

Dundalk-based Digiweb launches four DSL services in 170 towns.
March 31, 2004... (From Irish Independent) DUNDALK-based wireless broadband provider Digiweb has launched a new range of DSL services across the Republic, Northern Ireland and the UK. The provider has launched four services ranging from a basic...

Euro hits sales at Arklow's Qualceram Shires.
March 31, 2004... (From Irish Independent) THE strength of the euro has had an impact on bathroom products firm QualceramShires, which saw sluggish sales in the UK. Sales were down by up to 10pc whenconverted to euro over 2003. Group turnover was down...

Gold mining engineer Power is appointed to Conroy board.
March 31, 2004... (From Irish Independent) LONDON-listed Conroy Diamonds and Gold has strengthened its board with the appointment of gold mining engineer Michael Power as non-executive director. Over the past 30 years Mr Power has held various senior...

EU move may end cheaper motor insurance rates for women drivers.
March 31, 2004... (From Irish Independent) THE European Parliament has called for the elimination of gender as a factor in setting insurance rates. The Parliament yesterday rejected insurance industry claims that the move would lead tohigher rates of...

Losses halved to GBP9.8m at UK airline.
March 31, 2004... (From Irish Independent) AIRLINE group bmi yesterday said it halved pre-tax losses to GBP9.8m last year despite the impact of the Sars virus and the war in Iraq. The group, based at Castle Donington, Derbyshire, said 2003 was...

Tax settlements are unjust.
March 31, 2004... (From Irish Independent) Sir - I would like to express the view, perhaps politically incorrect, thatsettlements imposed in the current Revenue campaign for the recovery of unpaid tax on offshore accounts may be unjust. I believe this...

Mary throws down the gauntlet to the trade unions.
March 31, 2004... (From Irish Independent) ANYONE who is shocked by Mary Harney's support for Seamus Brennan'splans to break up Aer Rianta and to introduce competition on Dublin bus routes cannot have been paying much attention to PD policy over the...

Hired guns cashing in on Iraqi security fears.
March 31, 2004... (From Irish Independent) IN Iraq, the postwar business boom is not oil. It is security. In a country shaken by guerrilla warfare, crime and terrorism, where the United States is handing out almost $20bn ([euro]16.5bn) in reconstruction...

PDs setting out their very selective stall.
March 31, 2004... (From Irish Independent) Political developments since the weekend have provided some interestingbut possibly contradictory indicators as to where economic and social policy is going under this Government. At their conference the PDs once...

Lady's not for turning.
March 31, 2004... (From Irish Independent) Lady's not for turningTHE war of words between the country's biggest union, Siptu, and the PD leader, Mary Harney, continued yesterday with the Tanaiste reiterating what she had said at the weekend. There has to...

Smoke-filled plane crashes and kills hotels owner.
March 31, 2004... (From Irish Independent) A LONE Irish pilot was killed when his plane crashed in a remote Lancashire field yesterday. He was named last night as Francis Lennon (58), from Drumlish, Co Longford. A passer-by spotted the wreckage...

Diocese settles child abuse case.
March 31, 2004... (From Irish Independent) A MARATHON legal struggle over child abuse has been settled by the Catholic Diocese of Ferns. The case centred on Fr Jim Grennan, a parish priest, who died in 1994. In 1988, heabused 11 schoolgirls including...

A taxing Nordic alternative to the apple-pie empire.
March 31, 2004... (From Irish Independent) This, they tell me, is the time of the American Empire. Gone are the three bastions of the French Revolution: liberty, equality and fraternity, to be replaced byAmerica's three degrees: Mom, the flag and apple...

THE GIRL WHO WED A GAY CHIPPENDALE.
March 31, 2004... (From Irish Independent) * The most outlandish wedding Paul Mayfair of Dream Wedding Ireland everorganised took place in London. Sarah, (not her real name) then 33, married a gay malestripper from the Chippendales. "He was Canadian,...

A married life less.
March 31, 2004... (From Irish Independent) MODERN MARRIAGE: Concluding our revealing series on Religion, cultural differences, age gaps and sexual orientation - most of the traditional boundaries around marriage and family life in Ireland are slowly...

Mini-Me Rae. My God, you mean there's another one of them?
March 31, 2004... (From Irish Independent) Despite the smug sense of self-congratulation that permeated the studio air,ISpy forced itself to watch Micheal Martin and the rest of the self-satisfied prohibitioniststake the plaudits on Questions And...

ARE WEDDINGS BACK IN VOGUE?
March 31, 2004... (From Irish Independent) * Ireland has not just seen a surge in civil marriages in recent years, weddings have increased across the board. In 2003 there were 138 civil marriages, upfrom 48 in 1997. In 2002 more than 20,000 people said...

ordinary.
March 31, 2004... (From Irish Independent) Nick still teaches the martial art and is putting the finishing touches to the family's wood-framed house. Kim cultivates the acre-and-a-half plot, and they teach Rowan, 11, Amber, eight, and five-year-old Cormac...

Mum says God told her to kill sons.
March 31, 2004... (From Irish Independent) A MOTHER who smashed her three sons' heads with heavy rocks, killing two of the boys, was so delusioned she thought the Lord told her to do it, her lawyer saidin opening statements at her murder trial yesterday....

The first lady of love.
March 31, 2004... (From Irish Independent) Traditional church weddings are not the only option nowadays as a rising number of couples opt for a civil marriageceremony. With new legislation set to give newly-weds the chance to say 'I do' wherever they...

Oh Lord . . . Janet shocks fans again despite her breast efforts.
March 31, 2004... (From Irish Independent) UNLIKE the last time she appeared on CBS, Janet Jackson was bleeped by censors while talking to TV talk show host David Letterman - for saying "Jesus". The exclamation, made in apparent exasperation as...

News In Brief.
March 31, 2004... (From Irish Independent) Son jailed for beheading mum A MAN who decapitated his mother with a Samurai sword after she told him to move out was sentenced to life in jail yesterday. The 22-year-old German man, identified only as...

Barefaced cheek stuns US courts.
March 31, 2004... (From Irish Independent) A BRITON who stripped to a thong and danced a jig on the field before a stunned crowd at last month's Super Bowl is plead not guilty to trespass charges because no one toldhim he couldn't do it. Mark Francis...

[euro]600m in tax cuts key to new pay deal rise of 2.8pc.
March 31, 2004... (From Irish Independent) THE Government can secure a new 'capped' wage agreement by dipping into an unexpected [euro]600m tax-cut treasure chest, according to the country's economicthink tank. The ESRI estimates that improving...

BBC pulls the plug on showpiece concert for big EU day.
March 31, 2004... (From Irish Independent) THE Beautiful Night has turned to a nightmare with the cancellation of a star-studded concert on May 1 to celebrate the accession of 10 new EU states. The BBC forced the cancellation of the televised concert...

Property crash predicted if house prices stay inflated.
March 31, 2004... (From Irish Independent) HOUSE prices are the biggest domestic threat to the Irish economy, anexpert warned yesterday. If they don't soon start to ease, there could be a property crash that would have majorimplications for everyone,...

Cat 'touch and go' after cruel attack.
March 31, 2004... (From Irish Independent) A CAT that had its hind legs tied together may have to be put down because of the pain it has suffered. The black cat, nicknamed Bilbao, was discovered in a disused kennel in the CastleviewPark Estate in...

Splashing out [euro]100m on pier makeover.
March 31, 2004... (From Irish Independent) A NATIONAL marine life centre is included in a [euro]100m development blueprint earmarked for Dun Laoghaire harbour, Co Dublin. The redeveloped pier will include a 127-bed hotel, 229 apartments, retail,...

Ban watchdog stays quiet on public's use of its 'snitch line'.
March 31, 2004... (From Irish Independent) THE Office for Tobacco Control, charged with implementing the smokingban, yesterday refused to release any information about calls to its official complaints line. Despite urging the public to complain about...

Prostitutes facing red light from Luas.
March 31, 2004... (From Irish Independent) LUAS works in the Benburb Street area of Dublin have displaced prostitutionactivity which has moved to the residential area of Arbour Hill including Montpelier andBrickens, the Dail heard last night. ...

Three years for drink-drive killer of birthday man.
March 31, 2004... (From Irish Independent) A MAN whose drink-driving caused the death of a computer programmer on his way home after celebrating his 29th birthday has been jailed for three years. Peter Joyce (23), of Dunsink Lane, Finglas, Dublin,...