What’s new: In brief (October 17, 2004)

A spot of good news for Converium AG, which saw its rating raised by Standard & Poor’s to “BBB+” from “BBB”. The announcement follows successful completion of the reinsurer’s bid to raise US$420 million in capital through a rights issue. Commenting on the news, a Converium release states: “Converium believes that Standard & Poor’s latest rating action will help the company’s efforts to preserve its franchise in its European, Asian and Latin American target markets and to retain key commercial relationships.”

Hard hit by the recent spate of U.S. hurricanes is Allstate, which says it will report claims totaling US$1.06 billion in the third quarter as a result of these storms, and suffer an impact of US$1.53 per diluted share after tax and net of recoveries from Florida’s public hurricane fund. The company now estimates it will report net income of US$0.09 per share for the third quarter.

The London Insurance Professionals Association is holding its annual “Friends of the Industry” night on November 17, at the Four Points Sheraton. The event will also include a silent auction. The association also announced a December 15 date for its annual Christmas Craft and Bake Sale” meeting. For more information on events, contact Joanne MacDonald at 519-673-5749 ext. 7280.