MGAs/MGUs [DEMO]

MRM offers $100mn to settle legion claims

Allegations in a lawsuit filed against Mutual Risk Management suggest it has offered $100mn to the Pennsylvania Insurance Department for the settlement of all claims relating to its defunct subsidiary Legion Insurance.

01 November 2002

Near North consolidates Aon allegations

The feud between Aon and its Chicago rival Near North Insurance Brokerage reached a new intensity last month when Near North consolidated its allegations against Aon and some of its employers for civil conspiracy, cyber crimes and breaches of trade secret

01 November 2002

Beazley goes public to fund expansion change

The Lloyd's insurer plans to raise £150mn when it goes public on the 12 November Beazley, the Lloyd's insurer, has abandoned plans to form a Bermudian operation when the company goes public next week in a £150mn issue.

01 November 2002

Bermudian optimism maintained

In contrast to many of the stretched European (re)insurers, the Bermudian carriers are benefiting from the ripe conditions as they expand their international profiles

01 November 2002

London withdraws further from US D&O

London's rapid retreat from US Directors’ & Officers’ coverage has begun to look like total capitulation after the withdrawal of Faraday and the departure of a leading AIG underwriter within days of each other.

01 November 2002

Lothian joins RISK

Former QBE underwriter joins the mysterious Lloyd’s based MGA RISK Andrew Lothian, the former QBE underwriter who was considering launching a start-up operation with his former colleague Bob Grant, is to join RISK, the Lloyd's based managing agency he

01 November 2002

Lloyd's broker rejects Aon bid

Newman, Martin & Buchan Ltd, the Lloyd's energy reinsurance broker, has rejected a surprise takeover bid from Aon. According to market sources, NMB's chairman and cofounder Gordan Newman flew to Aon's Chicago headquarters recently to meet with Pat Ryan, t

01 November 2002

SCOR's Blondeau falls on sword

SCOR’s longstanding chairman and ceo Jacques Blondeau has paid the price for the reinsurer’s miserable results and rating downgrades by resigning from the group. Last month SCOR, the world’s 8th largest reinsurer, issued a profits warning and predicted

01 November 2002

Hannover's capital issue

As Hannover Re expands rapidly, the reinsurer’s balance sheet looks increasingly taut Premium growth for the first six months of 2002 soared by 32 percent for Hannover Re, the world's 5th largest reinsurer. However instead of being a cause for celebra

01 November 2002

Unicover strikes back

CIGNA & Lincoln National take charges after arbitration ruling hits pool members The long awaited outcome of the arbitration between Unicover pool participants and their retrocessionaires ended on the 9 October 2002 with a settlement in favour of the

01 November 2002

HLF changes year-end to assist 2003 float

Heath Lambert Fenchurch has sent the strongest signal yet that it plans to return to the public markets next year after its pulled summer IPO by changing its financial year-end. The world's 7th largest broker is changing its year-end from 31 March to come

01 November 2002

Names may sue UK Government

The UK Government may be sued by embittered Lloyd's Names, following a European Parliament report that condemned the Government for its failure to regulate the Lloyd's market.

01 October 2002