April 2004/3

UK insurer Royal & Sun Alliance has continued its programme of selling its overseas units by revealing last week that it has agreed to sell its 81.8 percent stake in its Polish life subsidiary, T U na Zycie Royal PBK S.A. (Royal PBK), after purchasing the

Despite recent action to spoil the appetite of the US plaintiff bar to launch obesity class action suits against the food industry and its insurers (see IQ Winter issue), the increasing prevalence of expanding waistlines is too significant an issue for th

Following recent concerns over the renewal of Terrorism Risk Insurance Act (TRIA) legislation that provides a federal backstop for terrorism exposures (see April issue of The Insurance Insider), key industry regulators and representative bodies came out t

US insurer Chubb has raised doubts about its commitment to the London market with the news that it has sold its stake in Hiscox.

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.

Strong performance from German reinsurer Hannover Re has been rewarded with an upgrade to a positive ratings outlook from Moody’s.

Ratings agency AM Best offered a post-IPO endorsement to Catlin by affirming the financial strength ‘A’ (Excellent) rating of the group’s Bermudian arm, and the ‘A’ (Excellent) syndicate rating of its Lloyd’s Syndicate 2003.

Marsh & McLennan Companies (MMC) chairman Jeffrey Greenberg has followed in his father’s footsteps by being appointed to a prestigious position on the New York Stock Exchange’s (NYSE) executive board.

In the same week that Lloyd's posted earnings of £1,892mn, specialist London market insurer Kiln announced its own set of record annual profits. In a statement released on 6 April the insurer said pre-tax earnings for 2003 had reached £33.1mn, up from 200

Diana Humphreys, the managing director of the utility mutual Associated Electric & Gas Insurance Services Ltd’s (AEGIS) London arm, has suddenly resigned from the company.

Willis revealed last week that the Chinese Insurance Regulatory Commission (CIRC) had approved its 50 percent acquisition of Shanghai Pudong Insurance Brokers Ltd, giving the group a significant strategic platform to exploit the region’s growth potential.

Underwriting agency Dual International has announced the launch of a new operation, initially specialising in Directors & Officers (D&O) and Professional Indemnity (PI) insurance for SMEs, based in Sydney, Australia. Other areas the new business will focu