MGAs/MGUs [DEMO]

Dennis to the rescue

Aon's Dennis Mahoney has become involved in Combined's $100m WTC dispute with Lloyd's Dennis Mahoney, the rumbustious docker's son and head of Aon's UK operations, has been charged with responsibility for cajoling Lloyd's underwriters into paying the e

01 April 2002

Enron to buy new D&O programme from London

Enron's new directors will be able to purchase directors and officers insurance, after the US bankruptcy court gave permission for funds to be released to pay the premium earlier this month.

01 April 2002

St Paul to stop reinsuring Lloyd's central fund

St Paul, one of the giant corporate capital providers to Lloyd's thought to be cooling about its involvement in the market, will not renew its reinsurance of the Central Fund when the policy expires next year.

01 April 2002

Lloyd's rating affirmed

Fitch, the ratings agency, has removed Lloyd's from Ratings Watch and has affirmed its financial strength rating as A-. Lloyd's was double downgraded by Fitch on 21 September 2001 from A+ following uncertainties over “Lloyd's poor earnings performance in

01 April 2002

SCB's Realm National wins Hancock arbitration

An arbitration panel has ruled in favour of Realm National, Stirling Cooke Brown's C++ rated property and casualty reinsurer, in its dispute with John Hancock over a workers' compensation carve out reinsurance.

01 April 2002

Wellington close to £1bn capacity target

Wellington are planning a 50 percent increase in capacity after agreeing terms for quota share reinsurance and a new parallel syndicate.

01 April 2002

Beazley plans Bermuda move

One of the few remaining independent Lloyd’s insurers plans to raise private equity capital in expansion drive The largest independent Lloyd’s agency Beazley is planning to raise capital from a consortium of private equity firms as part of a fund raisi

01 April 2002

HIH "accounting shortcomings" over FAI purchase

Dramatic testimony at the Royal Commission hearing into the collapse of Australian insurance company HIH has exposed the "accounting shortcomings" of HIH surrounding its 1998 acquisition of FAI Insurance.

01 March 2002

Canada Life takes knock on A&H exposures

Canada Life, one of the leading Canadian life insurers, has taken a provision of $70mn, net of tax, related to expected claims arising from the September 11 terror attacks. The company's gross exposure to Sept. 11 claims are estimated at $606mn. This prov

01 March 2002

State Farm rating on credit watch

Rating agency Standard and Poor's has placed the triple-A ratings of all State Farm operating entities on CreditWatch with negative implications.

01 March 2002

MRM assisted by $100m sell-off

Embattled programme and captive manager Mutual Risk Management Ltd has raised $100mn in its fight for survival. The Bermuda based company's share price has collapsed from $5.42 to stand at 96 cents (7 March) after first delaying its 2001 results "to compl

01 March 2002

Greenberg clarifies D&O stance

AIG's legendary leader Hank Greenberg reassured shareholders that the company's recent announcements over directors and officers exposures related to the need for higher rates, rather than an indication of a problem.

01 March 2002