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April 2005/5

  • Privately owned Lloyd’s insurer Heritage Underwriting Agency plc has confirmed that it has received interest from at least two parties interested in acquiring the group.
  • Shares in Jardine Lloyd Thompson Group plc (JLT) have come under sustained selling pressure after the firm issued another downbeat trading statement. The UK headquartered broker warned today that it was viewing the year with “continued caution” because
  • Embattled insurance giant American International Group has denied suggestions that its 2004 annual statement is being delayed by a refusal from auditors PricewaterhouseCoopers to sign off the firm’s accounts.
  • Zurich Specialties London Limited (ZSL), the London arm of Zurich Financial Services (ZFS), has had its financial strength rating cut from A to B++ with a negative outlook by AM Best as a result of its exit from several lines of business and falling gross
  • Lloyd’s pre-1993 run-off vehicle Equitas announced another settlement last Tuesday (19 April) as it revealed it would pay The Goodyear Tire & Rubber Company $22mn to draw a line under outstanding asbestos and pollution-related claims from the tyre manufac
  • Berkshire Hathaway has had its “AAA” long-term issuer and unsecured senior debt ratings outlook downgraded from stable to negative by ratings agency Fitch. In an announcement dated 19 April, Fitch said the downgrade also applied to Berkshire’s wholly o
  • Willis’ larger-than-life CEO Joe Plumeri ignited a war of words in the US last week over the use of contingent commissions. As the keynote speaker at last week’s Risk & Insurance Management Society (RIMS) conference in Philadelphia, Plumeri complained
  • Under-the-spotlight insurer American International Group (AIG) unveiled further initiatives to improve its corporate image last week. The insurer – which parted company with its legendary chief executive Maurice “Hank” Greenberg last month in response
  • The US buy-out firm Cerberus Capital Management is conducting due diligence into Gerling with a view to buying the German insurer, according to reports.
  • The Aon WTC personal accident dispute has been settled in favour of the London Market reinsurers, according to a judgement released on 21 April. As reported in the March edition of The Insurance Insider, the case came to the Royal Courts of Justice aft
  • Delegates at the Risk & Insurance Management Society (RIMS) conference in Philadelphia last week were warned of spiralling costs of terrorism coverage if the Terrorism Risk Insurance Act (TRIA) is not extended.
  • Investment bank Cazenove issued a downbeat note on reinsurance broker Benfield Group last week following the arrival of former JLT chief executive Steve McGill and the decision to expand its business into the primary markets.