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December 2003/6

  • Rating agency Moody’s has affirmed its A1 financial strength rating of Wellington’s Lloyd’s Syndicate 2020 following its annual review.
  • US Insurance companies are in danger of losing as much as $1.6bn worth of investments as a result of the Parmalat accounting crisis, rating agency Moody's has warned.
  • AXA will have to pay compensation to world football governing body FIFA, following a ruling by a German court that the insurance company was wrong to cancel its 2002 World Cup insurance policy.
  • In a significant development for the insurance industry, the Australian Victoria state appeals court has rejected a civil lawsuit brought against British Airways and Quantas by a passenger who developed deep vein thrombosis (DVT) on a long-haul flight.
  • Swiss Re has announced plans to sell property and casualty and life and health reinsurance in Japan from April 2004.
  • Dominic Frederico – once the heir apparent to Brian Duperreault at the giant Bermudian insurer ACE Ltd – will head the financial guaranty spin-off, ACE Guaranty Group (AGC), when it is spun-off next year.
  • Sompo Japan Insurance Inc was awarded $1.12bn in damages against Fortress Re, the North Carolina based aviation pool manager, on 18th December by a US arbitration panel.