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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.
  • Australia’s prosecutors showed their commitment to punishing corporate fraud by imprisoning the senior management behind the failed insurer HIH Insurance Ltd. Ray Williams – the founder of HIH – and his fellow director Rodney Adler were jailed for four
  • 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.
  • 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.
  • 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
  • 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
  • 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.
  • 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 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.
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