MGAs/MGUs [DEMO]

Trenwick - $96m net loss for third quarter

Trenwick Group Ltd has reported its third quarter 2001 results, blaming the 11 September attacks for the downturn. For the first nine months of the year the group reported an overall loss of $128mn, although premium incomes were up (gross $1,061mn and net

01 November 2001

Why Aneco is flawed

The recent Aneco judgement increases brokers' liabilities in the event of negligent advice. Tim Brentall of Elborne Mitchell argues the decision is flawed. There was once a successful barrister who would occasionally advise his clients thus: “I have re

01 November 2001

Copenhagen Re's future uncertain after further downgrade

Copenhagen Re, (Cop Re) a popular source of non-marine reinsurance for Lloyd's Syndicates, has been the subject of another ratings action by Moody's. Following the 11 September attacks Cop Re announced net losses in the range of $20mn to $32mn.

01 November 2001

Concern over XL Capital's Lloyd's operations

Following its rival ACE, XL Capital announced plans to raise over $600mn through the sale of 7mn ordinary shares in the light of the improving rating environment.

01 November 2001

The Search for Capital

While Bermuda attracts $8bn of fresh capital post 11 September, investors are less confident about backing the Lloyd's market While Bermuda basks in almost $8bn of new, post 11 September capital, Lloyd's insurers are scrambling around to ensure they ca

01 November 2001

NY aircrash led by global aerospace

The London market consortium Global Aerospace Underwriting Managers is believed to have led the coverage on the American Airlines plane that crashed into New York on the 13 November.

01 November 2001

Allianz blames WTC business interruption

German insurer Allianz blamed increasing business interruption claims as it increased its estimated net exposures to the WTC attacks.

01 November 2001

CNA announces third quarter net loss

CNA Financial Corporation has reported a third quarter net loss of $155mn. The group's net loss in the current quarter is due primarily to an estimated loss of $304mn after-tax ($468mn pretax), net of reinsurance, from the 11 September attacks and related

01 November 2001

Aon terrorism rider causes $100m PA loss

According to market sources, Aon placed a business travel lineslip into the London market which, in addition to covering employees while on corporate travel, had a terrorism rider extending coverage to all employees victim of a terrorism attack. Aon origi

01 November 2001

Carpenter leads Alleghany buy-out

Michael Carpenter, the former Managing Director of Limit, has led a buy-out of struggling Lloyd's insurer Alleghany Underwriting Ltd, in a deal struck by former Equitas architect Heidi Hutter. The buy-out, which ends Alleghany Corporation's involvement wi

01 November 2001

Slayden banned

According to a Lloyd's regulatory bulletin, the former chairman of broker Bannerman Slayden Cater Ltd Vincent Slayden was found guilty in absentia of “two charges of discreditable conduct” by a Lloyd's disciplinary tribunal after “failing to serve a defen

01 November 2001

WTC litigation mushrooms

The gloves are off as WTC insurers argue the attacks were one event and Silverstein acts to prevent ACE and XL Capital from pursuing a London arbitration The anticipated frenzy of litigation took at step closer to reality after Silverstein, the leaseho

01 November 2001