April 2005/3

Case turns on definition of "authorised business trip" clause. The Aon WTC personal accident dispute has been settled in favour of the London Market reinsurers, according to a judgement released this morning.

The veteran industry figure Bob Clements is masterminding the creation of a new broker, Integro, in response to the unrest caused by the regulatory investigations into the US broking industry.

Non-marine premium levels in the London company market have increased for the third year in a row, according to the latest statistics released by the International Underwriting Association (IUA).

South African broker Alexander Forbes saws its shares plummet by as much as 11 percent last week as it warned its year-end results would be lower than expected because of reduced earnings in its UK operations.

Ron Carlier, the colourful group chief executive of RK Carvill & Co, has unexpectedly left the reinsurance broker, Insider Week can reveal. In a 14 April statement, the broker confirmed that: “Effective immediately Ron Carlier has resigned as Group chi

Swiss Re’s 30 St Mary Axe building has another tenant, as Lloyd’s managing agent Creechurch Underwriting Limited moves in today (18 April).

Swiss start-up reinsurer Glacier Re continued its expansion with the appointment of Oliver Wirtzfeld as senior underwriter and Cinzia Muggiasca Ahr as financial controller as of 1 April 2005.

Royal & Sun Alliance has reduced its exposure to securitised student loan losses by $129mn after settling with one of four banks suing the insurer’s US subsidiary Royal Indemnity Company.

Lloyd’s listed insurer Chaucer Holdings saw its shares rise by 1.5p to 54p on news that talks to takeover motor insurer Highway had failed. In contrast, Highway shares fell 2p to 37.5p after the Thursday’s (14 April) announcement.

According to reports in the US, ousted American International Group (AIG) chief Maurice “Hank” Greenberg’s “gift” of almost all of his $2.3bn stock in the company may not be enough to shield his investment from future lawsuits.

Bermudian reinsurers were “stirred, but not shaken” by 2004’s unprecedented hurricane and typhoon season, with return on equity down just 5.8 percent on 2003’s figure, according to the latest Benfield Bermuda Quarterly report.

The Australian Prudential Regulation Authority (APRA) confirmed last week that it had opened an investigation into General Re’s Australian arm. Although widely expected, the news comes at a awkward time for the Berkshire Hathaway owned reinsurance gian