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April 2002/1

  • Despite a disturbing lack of debate, Lloyd's involvement in the Cox rescue package is a victory for common sense and pragmatism, says The Insider Despite setting an extraordinary precedent, Lloyd's ring-fencing of loss-struck insurer Cox Insurance is r
  • The market's tale of woe continues with further loss deterioration overshadowing proposed reforms and increasing premium incomes Lloyd's long awaited 1999 results were published last week accompanied by a pro-forma estimate for the first time of the 20
  • The front page of the business section of yesterday's (20 March) New York Times carried the following headline: “Credit Raters to Explain Enron Role.” The rating agencies' explanations took place yesterday before the Senate Governmental Affairs Committee,
  • Wintherthur International America Insurance Co, a subsidiary of XL Capital, has filed a suit against aviation parts manufacturer Goodrich Corp after it claimed for lost revenues due to the 11 September attacks.
  • Despite seeing its investment income collapse 71.9% last year because of the“poor cash flow of the past”, US programme writer Clarendon would appear to have made a remarkable turnaround under the ownership of the world's fifth largest reinsurer Hannover R
  • St Paul, one of the giant corporate capital providers to Lloyd's thought to be cooling about its involvement in the market, will not renew its reinsurance of the Central Fund when the policy expires next year.
  • Flaky Insurer in London It appears to be de riguer these days for the respectable managing general agency/reinsurance company to have a Belgian on board. In fact, Aim Underwriting Ltd, a London based mga, has three.
  • Enron's new directors will be able to purchase directors and officers insurance, after the US bankruptcy court gave permission for funds to be released to pay the premium earlier this month.
  • Fitch, the ratings agency, has removed Lloyd's from Ratings Watch and has affirmed its financial strength rating as A-. Lloyd's was double downgraded by Fitch on 21 September 2001 from A+ following uncertainties over “Lloyd's poor earnings performance in
  • Wellington are planning a 50 percent increase in capacity after agreeing terms for quota share reinsurance and a new parallel syndicate.
  • US insurer John Hancock has filed a class-action complaint against 27 Enron directors and officers and auditor Arthur Andersen in a Houston Federal Court.
  • An arbitration panel has ruled in favour of Realm National, Stirling Cooke Brown's C++ rated property and casualty reinsurer, in its dispute with John Hancock over a workers' compensation carve out reinsurance.
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