MGAs/MGUs [DEMO]

Gerling up for sale; GE considering insurance spin-off

A further sign that rate increases is not a universal panacea for the industry's ills occurred with the announcement that German industrial insurer and reinsurer has been put up for sale by its owners Deutsche Bank and Rolf Gerling. The move followed two

01 March 2002

AIG: American National a "disgrace"

AIG has lashed out at one of its reinsurers in a strongly worded complaint filed in the US District Court of the Southern District of New York.

01 March 2002

Insider Vital Insurance Statistics

If one was to produce a table of those Lloyd’s insurers “doing well” after the misery of the 11 September attacks and appalling drain of Lloyd’s losses it would be a short one, but Amlin would be up there along with the likes of Kiln and perhaps Hiscox.

01 March 2002

Markel's International's downgrade

Markel International was downgraded by rating agency Fitch after its parent posted a $70mn charge. Fitch Ratings commented, "Markel International's operating performance and capitalization do not support the current ratings." The agency subsequently lower

01 March 2002

CSG reforms update

Lloyd's chairmen to leave early? With the Lloyd’s chairman taking a month-long honeymoon in New Zealand, there are plans at foot to replace him by the Summer.

01 March 2002

Wellington Names to be offered shares to "sweeten the pill"

Wellington plans to offer Lloyd's Names shares in the insurer to persuade them to agree to the formation of a new FSA regulated insurance company.

01 March 2002

Zurich and Westfield go to mandatory arbitration

A legal dispute between Westfield, owners of the retail area of the World Trade Centre, and Zurich Insurance over supplementary cover has been voluntarily dismissed with both sides agreeing to resolve their differences in a mandatory arbitration hearing.

01 March 2002

QBE: A$1.53bn gross WTC loss

The 11 September terrorist attacks pushed QBE, one of Australia's few surviving international insurance companies, into an A$25mn loss for the 2001 year.

01 March 2002

Buffet's mea culpa

Berkshire Hathaway's insurance operations violated the ‘Noah’ rule in losing $4.1bn in 2001, according to Warren Buffet's typically folksy letter to Berkshire Hathaway's shareholders.

01 March 2002

HIH subsidiary's LMX exposures

As the Royal Commission in Sydney Australia continues to take evidence in to the collapse of the 2nd largest domestic Australian insurance company HIH, The Insurance Insider can reveal that its subsidiary FAI was writing PA LMX business via a quota share

01 March 2002

Aon's clients hit by laddering litigation

Over 100 of Aon clients face laddering suits that could hit directors and officers and financial institutions insurers Aon’s enthusiasm for US financial institutions cover in the late nineties is reflected by their clients exposure to the morass of lad

01 March 2002

Deteriorating Lloyd's results spark downgrade fears

Pessimism mounts with further deterioration on back years and rumours that Lloyd's big guns plan to exit market Some of Lloyd's largest capital providers are planning to leave the market after losing patience with the perceived underwriting indisciplin

01 March 2002