MGAs/MGUs [DEMO]

Calling in the cash - Laptop scrutinises the cash call system as Lloyd’s managing agents send out their latest demands

It has become customary to add to the woes of syndicate members by declaring losses not only when an account is due to close after 36 months; but also at quarterly intervals at any point in the normal three-year life of an account, or thereafter during th

01 February 2003

Catlin wins fight in Club renewal

Fierce inter-syndicate competition sees Catlin capture flagship contract from LIMIT Perhaps it was destined to be that the year of its name would see Catlin’s Syndicate 2003 take the helm on Lloyd's biggest and most prestigious marine reinsurance cont

01 February 2003

Calls grow for US tort reform

Pressure for comprehensive legal reform in the US has grown with the American Bar Association (ABA) voting to back asbestos limit caps and the asbestos reform bill was introduced in the US Senate. This after President Bush called for changes to medical ma

01 February 2003

Laddering threat comes closer to reality

But insurers exposed to the black hole of so-called "laddering" claims, are taking different estimates on the scale of the industry's potential exposure... The potential black hole of laddering liabilities came closer to reality this month when a US c

01 February 2003

More losses at troubled Trenwick

Embattled insurer Trenwick Group posted devastating fourth quarterlies to unveil a $386.1mn loss for the year. A loss was inevitable even before the insurer announced a $107mn boost to its reserves for the fourth quarter. The reserve boost, which followed

01 February 2003

Trenwick staves off disaster

Trenwick, the Bermudian reinsurer, saved its vital Lloyd’s operations with a last-minute deal with its letter of credit providers. The Letter of Credit (LOC) was vital for Trenwick to secure its ability to underwrite in the Lloyd's market for the 2003

01 January 2003

Enron insurers settle with J P Morgan

The 11 insurers embroiled in a $1bn dispute with JP Morgan Chase over Enron deals will pay in the region of $655mn after a last minute settlement was reached earlier this month. Discussions dragged on through New Year's Day and the following night, wit

01 January 2003

Creechurch to spring IPO

Lloyd’s insurer plans to go public in a £75mn deal to launch UK insurance company Creechurch Underwriting Ltd is poised to become the latest Lloyd’s insurer to go public, as its management puts the finishing touches to a £75mn float currently planned

01 January 2003

Conseco is Bankrupt - Finally! - It’s been a long time coming argues David Schiff

It can take some time for a big, sleazy company to go bust. And it can take even longer when that company is run by an avaricious mountebank assisted by a bunkum-spewing accountant skilled in numerical prestidigitation.

01 January 2003

Greenwich to focus on marine reinsurance

A few weeks after Lloyd’s approved a last-minute funding deal with the Caribbean Imagine Insurance Co. Ltd, Greenwich and their new investors have restructured Syndicate 994’s underwriting portfolio. As a consequence, a moratorium has been placed on a num

01 January 2003

Silverstein goes on the offensive

The WTC litigation took another turn earlier this month. Silverstein Properties Inc, The Port Authority and Westfield have filed two new complaints alleging the original trial judge failed to take into account a “mountain of evidence” in an earlier ruling

01 January 2003

Aioi files Fortress Re charges

Aioi joins fellow insurer Nissan in attacking the Sabbah and Kornfeld “cash machine” Japanese insurer Aioi has accused directors of the Fortress Re Pool of "intentionally looting" the assets of its sister operation, the collapsed captive reinsurer Car

01 January 2003