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December 2004/2

  • French reinsurer SCOR enjoyed a 6.3 percent bounce in its shares on Friday after the ratings agency AM Best affirmed its BB+ financial strength rating with positive outlook while also upgrading some of the reinsurer’s senior and subordinated debt instrume
  • Lloyd’s reinsurer of last resort Equitas has announced its interim results for the six-month period ending 30 September 2004.
  • A year after the UK regulator Financial Services Authority issued a consumer warning against the dubious insurer Centennial Insurance Company – or CIC – the British Columbia Financial Institutions Commission ordered the company to stop doing business in t
  • World’s largest insurer AIG announced last Tuesday (30 November) that it has reached a final settlement with the Securities and Exchange Commission (SEC), the Fraud Section of the US Department of Justice (DOJ) and the US attorney for the Southern Distric
  • Weeks after the New York attorney general Eliot Spitzer criticised brokers’ strategic ties to (re)insurers, Aon revealed that it sold almost its entire holding in the Bermudian headquartered Endurance Specialty Holdings Ltd.
  • All leave had been cancelled for Marsh Ltd’s London brokers at the end of last week as the firm steeled itself for the results of the investigation into its London market practices, but in the end the Freshfields Bruckhaus Deringer-produced 12-page report
  • In its annual review and outlook on insurance markets last week, Swiss Re painted a mostly positive picture of the prospects for the insurance industry for the coming year.
  • Jardine Lloyd Thompson plc announced last Tuesday that its various subsidiaries have received official authorisation from the Financial Services Authority (FSA) ahead of the watchdog’s rapidly approaching 14 January 2005 takeover of regulation for the UK
  • The Office of Fair Trading (OFT) has announced that it will continue to review and monitor the UK liability market to ensure it continues to function without the difficulties encountered in 2003.
  • Specialist Lloyd’s insurer Hiscox has issued its third quarter 2004 forecasts for the 2001, 2002 and 2003 years of account for Syndicate 33.
  • Specialist Lloyd’s liability insurer, Illium syndicate 4040 is set to launch a dedicated underwriting operation in the North of England.
  • Rosemont Re parent GoshawK Insurance Holdings has had its “A-” rating affirmed by AM Best with a stable outlook.
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