April 2004/1
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Straight talking Willis supremo Joe Plumeri warned the London market that it must change its outlook to achieve consistency of returns, growth and earnings, as he enthralled his Lloyd's library audience in his 10 March Insurance Institute of London lectur
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Leeds United's roller-coaster ride from Premiership darlings to near bankruptcy eased to a halt this month when it emerged the Yorkshire football club had been bought out of administration by a consortium of local businessmen. On 19 March the club's ad
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Lloyd's insurer Catlin has ended its long wait and gone public on the LSE. The IPO, London's second largest in 2004, raised £109mn ($200mn), with shares priced at 350p. This comes in at the bottom end of the 350-420p range predicted by Catlin in a 17 Marc
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The Berkshire Hathaway owned Lloyd's insurer Marlborough Underwriting Agency has refocused its strategy to concentrate on wholesale reinsurance business. As a consequence, last month its Syndicate 1861 transferred the renewal rights for much of its pr
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Despite the recent change of ownership, run-off specialists Cavell Management Services Ltd will continue to focus on their growing annual commutations events. Alan Quilter, Director of Cavell, told The Insurance Insider: “Bringing finality to books of
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Buffeted by a draconian restructuring programme and the departure of senior executives, UK broker Heath Lambert had some good news last month - in the shape of a number of new appointments and promotions to its regional and head offices. On 9 March Hea
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In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.
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In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.
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Radical proposals designed to boost regulatory capital and improve financial strength ratings Lloyd's is planning to treble the size of the Central Fund to £2bn in an innovative scheme which involves a compulsory three-year rolling loan from all of its
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Markel CEO and President Tony Markel has praised Lloyd's for reforms carried out since 2002, but has warned of the need for further change. Markel's comments came in a speech to a crowded Lloyd's library on 16 March, 2004, when he said he was encourage
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Allianz back in profit but fails to convince A turnaround from 2002's record EUR1.2bn loss to a healthy net profit of EUR1.6bn for 2003 failed to convince the markets as German insurer Allianz admitted it still had some way to go in the struggle to rever
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US life insurer Lincoln National reduced its exposures to workers' compensation carve-out losses written by Sun Life and Phoenix after successfully appealing part of an arbitration decision that ruled it was exposed to losses emanating from the notorious
