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December 2003/4

  • Inhabitants of the Caribbean and the US East Coast should expect another active Atlantic hurricane season next year, weather experts have warned.
  • UK insurer Royal and Sun Alliance (R&SA) has secretly appointed Goldman Sachs and Lehman Brothers to sell its UK life business, the Sunday Times reported yesterday (14 December).
  • QBE International has become the latest insurer to withdraw from the loss struck space insurance sector.
  • But will preliminary settlement unravel like others before it? The long-running – some might say interminable – dispute between French and US authorities over Credit Lyonnais’ allegedly fraudulent 1991 takeover of failed California insurer Executive L
  • German insurer Allianz received another boost today as rating agency Fitch upped its long term rating from A- to A, and affirmed its financial strength ratings at A+.
  • The Christmas season started on a bright note for both Omega and Amlin with the news that AM Best had affirmed its ratings for Omega’s Syndicate 958 while granting Amlin’s Syndicate 2001 an inaugural A rating.
  • Lloyd’s underwriter Cox has admitted liabilities of up to £4.5mn in relation to the failure of Scottish insurer Tribune on 10 December.
  • Business outsourcing specialist Xchanging has announced the creation of a London Market Executive Group, with the aim of delivering market initiatives in 2004 and aligning business processes to support market reform.
  • Transport and logistics mutual TT Club was upgraded by AM Best from B+ (good) to B++ (very good) last Friday (12 December) reflecting the insurer’s improved capital position and a reduction of risk from restructuring its reinsurance program.
  • Weeks after marine insurer Dex left Lloyd’s following disagreements with the Society’s underwriting watchdog, the Lloyd’s franchise board, chief executive Mark Carter has parted company with the organisation.
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