MGAs/MGUs [DEMO]

Swiss Re opposes Silverstein appeal

The WTC dispute ignites again as Swiss Re strives to prevent Silverstein from appealing pro-insurer decision In a strongly worded response to Silverstein's attempts to appeal the New York Court's decision to deny summary judgment against Travelers Ind

01 December 2002

Glenrand Ltd in management buy-out

The UK broking operations of South African insurance group Glenrand MIB are to be bought-out by its UK management, led by chairman Andrew Wallas and chief executive Mark Pattle.

01 December 2002

Benfield confirms London IPO

Speculation over location of IPO ends with the surprise choice of London Benfield, one of the London market's leading brokers, surprised observers at the end of last month by revealing it was to choose London over New York for the location of its long

01 December 2002

Asbestos arbitration blow to Equitas

Reserve increase likely as Equitas' parsimony threatened after arbitration ruling Equitas, the Lloyd's run-off reinsurer, may have suffered a serious blow in its strategy of fighting off asbestos claims which it believes are unwarranted, leading to fe

01 December 2002

Fitch: Lloyd's capacity to swell to £14bn

Expectations of 2002 year profits for Lloyd's, after several disastrous years, could push the market’s capacity over £14bn for 2003, according to ratings agency Fitch. Karen Sinden, an analyst with Leadenhall Insurance Consultants, sees this as a reali

01 December 2002

Enron: Insurers claim JP Morgan "tricked" them

Insurers have claimed JP Morgan Chase “tricked, deceived and defrauded” them into underwriting approximately $2bn of finance deals with Enron, as the much-anticipated New York federal court trial finally got underway on 2 December.

01 December 2002

Insider Shorts: GE’s Employers Re – unloved and up for sale

GE’s Employers Re – unloved and up for sale “ERC does not fit GE’s business model” said General Electric chairman and chief executive Jeff Immelt on 21 November as he revealed its reinsurer would cost the company another $2bn.

01 December 2002

Creechurch looks beyond Lloyd's

Speculation is mounting that a small Lloyd's vehicle could be the next for expansion beyond the confines of Lloyd's. Reports suggest that Creechurch Underwriting, the integrated Lloyd's vehicle, has plans to expand out of the Lloyd’s market, including

01 December 2002

Marsh settles on $70mn Aon 77 Equivalent

The lead story in last month's Insider focused on Aon 77, the disastrous energy lineslip placed by Aon to devastating effect in the London market. The lineslip participants - which include the Cotesworth Syndicates 535 and 228, together with 62, 187 and 1

01 December 2002

Catlin stuns Names with late loss

Catlin Underwriting Agencies Ltd has stunned Names on its flagship Lloyd’s Syndicate 1003 by revealing that the 2000 year will be a loss of between 7.5 and 12.5 percent after consistently forecasting a profit all year.

01 December 2002

Workers' compensation lineslip throws syndicate forecasts

Late ‘Unicover’ style loss development on workers compensation carve-out lineslip causes Lloyd’s syndicates to miss SQR cut-off Lloyd's underwriters are blaming unexpected deterioration on the LDG 10 workers' compensation (WC) carve-out lineslip for c

01 December 2002

London faces $1.6bn space loss

A potentially devastating black hole for satellite insurers over Boeing 702 losses Space insurers are facing a potential $1.6bn loss - the largest loss in the history of satellite cover - after six Boeing-built satellites were found to have a much sho

01 December 2002