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August 2003/1

  • Set deep within the gothic splendours of the Royal Courts of Justice, Court room 21 was the stage for a London revival last year - the unravelling of an elaborate insurance fraud. After a year-long trial, including an exhausting 110 days in court, the jud
  • Liberty Syndicates, the Lloyd’s arm of US giant Liberty Mutual, is set to announce the formation of a Paris office as it gears up to expand its Continental business. According to sources, the managing agent of Syndicates 190 and 282 will soon open a Pa
  • Quoted Lloyd's insurer Hiscox plc announced bullish trading figures on 21 August and took the opportunity to resolve the growing uncertainty over its World Trade Center provisions. The insurer announced it was increasing its WTC loss reserves for the s
  • SQRs suggest a bumper 2002 result but US casualty causes deterioration on 2001 The full extent of the current benign trading conditions within the London market were reflected by the updated forecasts from the Lloyd’s managing agents. According to
  • ACE performs within expectations ACE reported $371mn of net income for the second quarter, dwarfing the $104mn figure for the same period last year. However, excluding net realised gains (losses), the figure was $286mn against $229mn last year. This
  • North American broker group Hub International Ltd has withdrawn from a proposed acquisition of the Near North National Group - the second time in under a year that take-over talks have collapsed at the 11th hour.
  • In an August report, Hartford Investment Management Company - a subsidiary of US insurer The Hartford Financial Services Group - counselled against complacency over inflation.
  • Although the power outage that affected much of New York, the Eastern United States and Canada will inevitably result in losses to the insurance industry, they are unlikely to be significant. This was the analysis of Morgan Stanley insurance analyst W
  • Lloyd's managing agency Abacus is planning to launch a new professional indemnity (PI) syndicate with former PRI underwriter Andy Dore at the helm. Abacus Syndicates Ltd, backed by members' agent CBS, currently manages Syndicate 2525, with 2003 capaci
  • C.N.A. boosts reserves by $308mn US insurer C.N.A became the latest carrier to reveal sizable additions to loss developments when announcing a $308mn after-tax charge to second quarter earnings. According to the firm, the reserve boost was due to "u
  • Introducing a new column about the Russian insurance industry (“Dancing with bears”), John Helmer begins by analysing AIG’s investment funds ... A notable French medical researcher recently conducted an experiment with the drug Viagra on twelve men, wh
  • Munich Re fights back at S&P downgrade Giant German reinsurer Munich Re has rallied against rating agency Standard & Poor’s (S&P) after being downgraded from AA- to A+ with a stable outlook. In a statement, the world’s largest reinsurer by premium desc
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