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.

Bermuda headquartered reinsurer Aspen has signalled its expansion into the aviation market with the appointment of David Whiter as senior underwriter for aviation insurance with its London operation, Aspen Insurance UK Limited.

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.

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

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

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.

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.

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.

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.

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.