December 2003/6

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.

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.

Rating agency Moody’s has affirmed its A1 financial strength rating of Wellington’s Lloyd’s Syndicate 2020 following its annual review.

Swiss Re has announced plans to sell property and casualty and life and health reinsurance in Japan from April 2004.

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.

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.

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.