Insurance stocks up as asbestos progress seen

NEW YORK - Stocks of insurers with large asbestos claims on their books jumped yesterday as senators working towards a national asbestos compensation fund made a firm step forward by agreeing medical criteria on which to base levels of compensation.

The creation of a $100 billion plus asbestos fund would likely benefit the many insurers which are shouldering a large chunk of companies' asbestos compensation payouts, by providing some certainty on the size of claims.

Shares of Bermuda insurer ACE Ltd. and Hartford-based insurers Travelers Property Casualty Corp. and Hartford Financial Services Group Inc. all rose more than 3 percent in a flat broader market. Each have recently taken large charges to boost reserves for asbestos claims.

Shares of fellow insurers XL Capital Ltd., St. Paul Cos. and MetLife Inc., also rose.

"The strong rally in property-casualty insurance stocks today, principally among those with known large asbestos exposure," was mainly due to the senators' asbestos agreement, Smith Barney analyst Ron Frank said.

Island Press advises BSX on transfer of large block of shares

Island Press (Holdings) Ltd. has advised the Bermuda Stock Exchange that a large block of shares has been transferred from one nominee company to other.

Island Press said 42,272 common shares, the equivalent of 8.56 percent of the company's shares, were transferred on May 23 from Wilson & Company to Murdoch & Company.

Corporation of Hamilton decides on bonds repurchase

The Corporation of Hamilton has advised the Bermuda Stock Exchange (BSX) that at a meeting held on April 1 2003, the members of the Corporation made a decision to repurchase all of the current bonds that are outstanding from its bond issue (US$ & BD$) of 1995.

The Corporation intends to execute full repayments of its 2010 $6.5 million bond on the 30th July 2003 including accrued interest and penalty of 3 percent.