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August 2004/6

  • Allied World Assurance Holdings revealed that its Dublin based reinsurance subsidiary AWAC Re has opened a London branch office.
  • As predicted in last week’s Insider Week (number 136), Arch Insurance Company (Europe) Ltd (Arch Europe) has bolstered its management by appointing former XL London Market chief executive Nick Metcalf to the newly created role of director of underwriting.
  • The Risk and Insurance Management Society (RIMS), the powerful trade body for US insurance buyers, has added to the controversy over brokers’ commissions by recommending they should disclose all payments received from insurers, even if not asked to by the
  • Disgraced energy company Enron filed lawsuits against St Paul Fire & Marine, Chubb unit Federal Insurance and Great American Insurance over their alleged refusal to pay on a crime loss indemnity policy covering senior staff.
  • An authoritative estimate of insured property losses from Hurricane Charley emerged last week (25 August) with the ISO’s Property Claim Services (PCS) unit releasing a preliminary estimate of $6.8bn.
  • The showdown between Lloyd’s and its Swiss Re led reinsurers over the failure to pay more than £300mn of claims on the Central Fund reinsurance contract began today (31 August).
  • Swiss Re, the world’s second largest reinsurer, saw its interim profits double on the back of benign underwriting conditions and strong investment returns in the first half of the year.
  • Bavarian behemoth Munich Re had its AA rating affirmed by Fitch Ratings last week (26 August) following strong half-year results, but the agency warned of lingering concerns over US reserving and earnings still below par as it held its outlook at Negative
  • Crisis-hit Converium today (31 August) announced plans to raise $420mn in a share issue after an independent actuarial review revealed the reinsurer’s reserves were $212.9mn short – even after its shock $385mn second quarter reserve charge.
  • Revitalised French reinsurer SCOR continued the turnaround from its perilous position of a year ago as it reported improved half-year figures last Thursday (26 August) and set out its “Moving Forward” plan for underwriting and capital allocation over the
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