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  • Pessimism mounts with further deterioration on back years and rumours that Lloyd's big guns plan to exit market Some of Lloyd's largest capital providers are planning to leave the market after losing patience with the perceived underwriting indisciplin
  • The 11 September terrorist attacks pushed QBE, one of Australia's few surviving international insurance companies, into an A$25mn loss for the 2001 year.
  • SCB's expensive Odyssey The so-called Odyssey Re “spiral” trial, where Sphere Drake alleges fraud against Stirling Cooke Brown, former officers Nick Brown and Jeff Butler, managing agency Euro International Underwriters and its principals John Whitcomb
  • If one was to produce a table of those Lloyd’s insurers “doing well” after the misery of the 11 September attacks and appalling drain of Lloyd’s losses it would be a short one, but Amlin would be up there along with the likes of Kiln and perhaps Hiscox.
  • A further sign that rate increases is not a universal panacea for the industry's ills occurred with the announcement that German industrial insurer and reinsurer has been put up for sale by its owners Deutsche Bank and Rolf Gerling. The move followed two
  • Stiff Competition Snide is mortified. Recently launched in direct competition to Snide's own Tearful Willows™ Inc (a Viatical insurance and funeral planning all-in-one service which is a subsidiary company of Cadaver-us Ltd, a Cayman Island corporation
  • Fears rise that rate increases fail to account for laddering exposures and Enrontis Despite strong rate increases, concerns are growing that D&O and professional liability rates fail to reflect the potential barrage of claims facing the insurance indus
  • Bermudian reinsurers XL Capital and Ace have settled their disputed property insurance claim with WTC leaseholder Silverstein Properties Inc. In a release Ace commented, "The settlement is based upon a single occurrence and therefore will comprise payment
  • In an effort to boost profitability St Paul's is planning a dramatic reduction in its International underwriting operations, which may include its non-Lloyd's UK operation, and to greatly reduce its reinsurance business including dropping Aviation and Cre
  • The cover of the January 28 issue of Business Week reads “Special Report: Accounting in Crisis.” The crisis, of course, is Enron. It seems that the media are shocked, shocked to discover that many of America’s biggest companies lie, cheat, manipulate thei