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.

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 broking industry continues to report an “escalating decline in organic revenue”, according to the latest research from investment bank WFG Capital Advisors LP.

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

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

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.

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

UK insurer Brit has announced the appointment of two senior underwriters in its Property Treaty and Aerospace segments. At the former, Toby Stubbs joins the company’s Reinsurance Underwriting Centre as Property Treaty Underwriter from Aspen Insurance w

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

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.