MGAs/MGUs [DEMO]

Willis facing WTC backlash

Joe Plumeri’s arrival has coincided with the return of prosperous times. But the broker’s role in placing the WTC lineslip is an unwelcome cloud on the horizon In May Willis' majority owner, the US private equity firm KKR, took advantage of the broker

01 June 2002

E&O insurers get tough with HLF

Soon-to-be floated broker admits errors and omissions exposures are “unsustainable” after its insurers demand a leap in rates and conditions Investors in HLF, which is due to float on the London Stock Exchange this summer, will be backing a company tha

01 June 2002

WorldCom borker Marsh gets liability blues

Marsh, the world's largest insurance broker, has been sensationally dumped by Aetna on placing its own liability cover.

01 June 2002

£140mn PRI start-up boosts London morale

The morale of the London market - which has come up second best against Bermuda in the post 11 September capital raising stakes - was improved with the announced £139mn AIM float of Professional Risk Insurance Ltd.

01 June 2002

Nissan takes $1bn in Fortress Re losses

Nissan Fire & Marine now estimated its aviation losses in connection with reinsurance contracts written by managing agent Fortress Re now total 128.8bn yen ($1.035bn).

01 June 2002

Amlin plans to buy out 2001 Names

Amlin, the largest independent Lloyd’s insurer, has announced plans to raise £80mn from a rights issue to fund a buy-out offer to Names on its flagship Syndicate 2001.

01 June 2002

AXA downgraded over difficulties with corporate solutions

Rating agency A.M. Best Co. has downgraded the financial strength ratings to A (Excellent) from A+ (Superior) of the members of AXA Corporate Solutions (AXACS), France.

01 June 2002

Wellington deal highlights tensions in Lloyd's capital base

One of the most public airings of dirty washing in recent Lloyd's history ended with Names supporting plans to form Wellington Re. But it’s the insurer's nine month struggle to raise funds which shows the problems of the Society's convoluted and divided c

01 June 2002

On the insurance beat - by David Schiff - of Schiff ’s Insurance Observer

Buffettology Merrill Lynch recently agreed to pay a $100-million fine after New York attorney general, Elliot Spitzer, investigated the firm and was shocked to discover that its analysts had, allegedly, defrauded investors by recommending stocks of dub

01 June 2002

Is AIG being re-rated?

While analysts react positively to AIG’s charm offensive, investors are continuing to sell Maurice “Hank” Greenberg has been described, with good reason, as the greatest man in insurance. He didn't form AIG, the world's largest insurance company by mar

01 June 2002

Lloyd's reduces california earthquake exposure

New Bermudians take up some of the departing capacity as CEA prefers reinsurance over Cat bonds.

01 June 2002

Lloyd's appoint new Chairman

Lloyd's have confirmed the appointment of Lord Levene of Portsoken as the long-awaited successor to the chairmanship of Lloyd's.

01 June 2002