MGAs/MGUs [DEMO]

Creechurch post-pones IPO plans

Investors' enthusiasm for the Lloyd's sector is not unlimited, as Creechurch Group’s decision to post-pone plans to float on AIM proves. Earlier this year, the Lloyd's based insurer appointed advisors Hoare Govett to seek investors prepared to back a £

01 May 2003

Royal on revival run with strong Q1 results

May was a month to remember for Royal & Sun Alliance (R&SA) as the UK’s second largest domestic non-life insurer brushed off a High Court defeat to successfully float its rebranded Australasian operation Promina and beat expectations with a strong set of

01 May 2003

Dalzell-Piper joins Hiscox

Former Faraday D&O underwriter Lance Dalzell-Piper has joined Hiscox to help the Lloyd's insurer market its professional indemnity lines.

01 May 2003

Senator Hatch's plan - will it pass trust test?

Ten days after Hartford trumped Travelers with a record $2.6bn asbestos reserve charge, moves to introduce meaningful legislation to curb asbestos lawsuits in the US gathered fresh pace. Republican Senator Orrin Hatch introduced a bipartisan bill in s

01 May 2003

Insolvent corporate capital cost Lloyd’s Central Fund £600mn

The swathe of corporate collapses has cost Lloyd’s, and its Central Fund reinsurers, almost £600mn in the last two years. In the last year alone, Lloyd’s paid out £465.5mn on behalf of corporate capital investors who flocked to the market in the late

01 May 2003

Schroeder to focus on the Sage

Alice Schroeder, the US insurance analyst famous for dishing out buffetings on poor performing insurance companies, is to take a sabbatical from equity research to write a book on the investment guru, Warren Buffett. Despite the existing literature on

01 May 2003

R+V sues Risk for alleged conspiracy

But Lloyd's based agency fights back after R+V withdraws facility... The Lloyd's based managing agency Risk headed by Jean-Claude Chalhoub fought back against its former backer R+V after the German reinsurer withdrew its support last month and filed le

01 May 2003

Lloyd's pension deficit grows

Corporation accounts reveal pension shortfall grows to £47mn post-tax and £19.9mn fees to support Project Blue Mountain (Kinnect) The Corporation of Lloyd's after tax pension deficit increased last year from £6mn to £47mn (£67mn before tax) because of

01 May 2003

GoshawK defeats Atletico Madrid pts 2.9bn relegation claim

Defiant London market contingency underwriters scored a victory in the UK High Court against claims by the insurer of Atletico Madrid, a Spanish football club, that it should be compensated for relegation. The Spanish side's fronting insurer Banco Vi

01 May 2003

Benfield's IPO set for mid June

Benfield, one of the world's largest reinsurance brokers, distributed listing particulars to potential investors on 28 May valuing the management owned firm at between £500mn-£660mn (midpoint £580mn). Despite moving its registration to Bermuda, last y

01 May 2003

Inside the AIG Proxy Statement - in depth analysis from David Schiff

The Audit-Committee Report AIG is arguably the greatest insurance organization in the world. As such, it deserves more scrutiny than other companies. In its reports for the years ending 2001 and 2000, AIG's audit committee disclaimed virtually all r

01 April 2003

US Supreme Court gives heart to insurers

In a welcome reversal of type, the US Supreme court delivered a pro insurer judgement earlier this month restricting the scale of punitive damage awards. In State Farm Mutual vs Campbell et al, the US Supreme Court decided by a 6-3 majority that puniti

01 April 2003