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April 2004/2

  • Hard on the heels of last week’s surprise eleventh-hour postponement, insurer GoshawK finally released its 2003 results today (5 April, 2004).
  • Controversial insurer CIC has become embroiled in a fresh scandal relating to an alleged US multimillion dollar employee health care fraud involving participants from both sides of the Atlantic.
  • Brokers face rising demand for their services because of the increasing complexity of risks, according to the latest Sigma study from European reinsurer Swiss Re.
  • London based broker Howden has grown its Scandinavian presence by acquiring a majority interest in the Swedish broker Holm & Co.
  • WTC leaseholder Silverstein Properties and insurers led by reinsurance giant Swiss Re are litigating over which contractual wordings the various parties used in placing the building’s insurance cover.
  • Munich Re is restructuring its struggling primary insurance subsidiary Ergo after it contributed to the reinsurer’s first loss for 98 years.
  • Standard & Poor’s (S&P) followed through with its threatened downgrade of the various Travelers’ entities it placed on CreditWatch on 17 November 2003, when the agency greeted the proposed merger by revealing its intention to align Travelers’ ratings with
  • Brokers Willis delivered a warning to multinational companies last week to check the small print of worldwide D&O policies to ensure that their foreign exposures are fully covered.
  • Quoted Lloyd’s insurer Chaucer Holdings has announced an eightfold increase in profits, helped by supercharged premiums on the back of the hard market.
  • Start-up liability specialist Novae Underwriting has announced that Ian West will become its underwriting director.
  • Consultants Towers Perrin has announced the appointment of Amar Shah as leader of European Finite Reinsurance.
  • Bermudian insurer Aspen Insurance Holdings announced last week the appointment of Ian Campbell as new finance director of Aspen Insurance UK Ltd.
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