December 2004/4

The Florida House of Representatives and the state Senate have changed the law on multiple deductibles on homeowners’ insurance policies – replacing them instead with a single seasonal deductible. In future, this means that if more than one hurricane caus

Willis Group Holdings revealed today (20 December 2004) that it has bought the business of the Mexico insurance broker Maisterrena Asesores.

A recent decision by the US Supreme Court on environmental liabilities could have profound consequences for the insurance industry, analysts at Morgan Stanley have warned.

2004 would have been the best year for the US P&C industry “in decades” were it not the for the third quarter storms, but next year is set to become the first year to witness an underwriting profit since 1978.

World’s largest insurer AIG is being sued by the State of Michigan for $30mn in losses on its pension fund resulting from the company’s stock falling on allegations that it aided accounting fraud by other companies, and its involvement in the Spitzer prob

Switzerland got a new reinsurer last week with the launch of Glacier Re, a niche, global specialty reinsurer backed by money from legendary investment guru George Soros.

Lloyd’s managing agent St Paul Syndicate Management Ltd (SPSM) has confirmed that it is in exclusive negotiations for the sale of its Cassidy Davis life Syndicate 779 to fellow Lloyd’s managing agency Jubilee, and hopes to complete the deal by 18 February

With the renewal season in full fling, Marsh’s reinsurance arm Guy Carpenter has committed itself to providing full disclosure to the fees it earns on reinsurance placements.

John Tiner, CEO of UK regulator the Financial Services Authority (FSA) has challenged the London Market to improve contract certainty and to move to a more transparent and efficient business model.

The chief executive of Aspen Insurance Holdings’ US specialty insurer Aspen Specialty Insurance Company has resigned after admitting he supplied false information about his “educational credentials” in regulatory submissions.

Fast-growing Bermudian post-9/11 start-up Endurance Specialty saw it’s A- Standard & Poor’s ratings outlook updated from stable to positive last week (13 December) on the back of its “strong competitive position, which is supported by a diversified busine

Canadian holding company Fairfax Financial Holdings has announced the closure of its issuance of $300mn of subordinate voting shares (2,406,741 shares) to a number of institutional investors, including Markel Corporation ($100mn) and Southeastern Asset Ma