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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.
  • 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.
  • Troubled insurance giant American International Group (AIG) is facing a $400mn lawsuit from America’s two largest public pension funds as they seek to reclaim money lost as the company’s stock plummeted in the wake of accounting revelations, according to
  • Lord Levene is set to call for measures to restore confidence in the insurance industry tonight. Speaking to business leaders at the Philadelphia Club in the US, the Lloyd’s chairman will say the industry needs to eliminate conflicts of interest, work
  • 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).
  • World’s second largest broker Aon has revised its annual Terrorism Risk map to reflect an increase in the risk of terrorism across the globe.
  • 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.
  • 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.
  • 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
  • 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.
  • Swiss Re’s 30 St Mary Axe building has another tenant, as Lloyd’s managing agent Creechurch Underwriting Limited moves in today (18 April).