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).

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.

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.

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

Lloyd’s underwriter Cox has admitted liabilities of up to £4.5mn in relation to the failure of Scottish insurer Tribune on 10 December.

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.

QBE International has become the latest insurer to withdraw from the loss struck space insurance sector.

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.