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December 2001/1

  • Overseas investors form new association to demand radical change in the market's structure and cost base which could see the demise of traditional Names Heavyweight Lloyd's insurers are demanding that the market radically restructure, giving rise to fe
  • As corporates reinforce their dominance of the capital base, the number of syndicates falls below 100 with Names facing a realistic chioce of twenty The Lloyd's market for 2002 is beginning to take shape. Some managing agents have taken advantage of th
  • A Tidal Wave of Capital - David Schiff pours on the cold water The capital markets are efficient - in an irrational way. Capital flows towards opportunities that offer superior returns. Paradoxically, those superior returns can fail to materialise if t
  • Reinsurance is back in favour and, with generous subsides, Zurich's unwanted R/I division should enjoy a successful floatation. For sale. One reinsurance company no longer wanted by owner. Embarrassing exposures to Unicover after failed fronting arrang
  • As widely predicted, Lloyd's increased its estimated net exposures to the WTC attacks by forty-five percent from £1.3bn to £1.9bn. As a consequence, the market has increased its estimated losses for the 2000 year from £0.7bn to £1.49bn. And increased its
  • The Munich Re subsidiary American Re has reported a net loss of $506.5mn for the third quarter of 2001.
  • Embattled Lloyd's insurer SVB are the latest carrier to increase their loss estimates to the 11 September attacks.
  • Wellington Underwriting plc has announced that the Group's managed syndicate 2020 plans to double its underwriting capacity to $1bn for 2002, and that the Group was examining the options available to raise the capital needed to support the growth of the b
  • Speculation is mounting over the insurance industry's exposures to Enron - the giant US energy group that filed for bankruptcy protection last week. While initial fears concentrated on possible D&O and professional indemnity losses, concerns are rising ov
  • Gentlemen, I enjoy your publication and appreciate the general quality and forthrightness of the editorial; very refreshing and often enlightening. I regret therefore that I must take you to task over a very short insert in your latest issue.
  • A week after Axis Specialty confirmed it had raised $1.6bn and will begin underwriting from its Bermuda base in December, its chief executive John Charman and his former employers ACE have settled their dispute over Charman’s termination agreement.
  • Fresh from its dispute with Lloyd's, Moody's has been attacked by Hannover Re after downgrading the reinsurer from Aa3 to A2.
  • Long term London market player, Copenhagen Re (Cop Re), the reinsurance subsidiary of Danish insurance group Alm Brand, has become the first major provider of Lloyd's syndicate reinsurance to succumb to the losses of the 11 September World Trade Centre at
  • Massive boost for Lloyd's, but Names can't benefit Stephen Catlin, the former dentist and chief executive of Catlin Underwriting Agencies Ltd, is negotiating a $750mn capital boost in Catlin Westgen Group Ltd, the holding company of Catlin Underwriting
  • The impending collapse of the Japanese backed Fortress Re pool with over $2.3bn liabilities has increased fears of bad debt in the international aviation market Anybody “that writes airline business will be affected by this, some in a very big way. Hun
  • Heath's Humbling In the past year the pendulum of influence has swung away from the brokers, and back to the underwriters - hence insurers growing reluctance to renew volume commissions to the larger brokers and the old fashioned insistence that produc
  • Zurich deny cover on WTC shopping mall Zurich are denying they insured the WTC shoping mall after the leaseholder Westfield America Inc claimed for losses arising from the 11 September attacks.
  • Lloyd's insurer Goshawk is doubling its size and establishing a £100mn capitalised Bermudian reinsurer Goshawk Re to exploit the post 11 September market.
  • Unsurprisingly, syndicates specialising in aviation and property excess of loss have demonstrated the worst deterioration in forecasted results since the 11 September attacks, according to research by Leadenhall Insurance Consultants.
  • English can often be misleading, so we have rustled up a guide to aid understanding to the minefiled of Lloyd's business jargon. This month it's the opaque business desription:
  • Equitas are still facing a rising tide in asbestos claims according to their results for the first six months of 2001.