MGAs/MGUs [DEMO]

St. Paul's: cuts back reinsurance operations, takes $900m charge

In an effort to boost profitability St Paul's is planning a dramatic reduction in its International underwriting operations, which may include its non-Lloyd's UK operation, and to greatly reduce its reinsurance business including dropping Aviation and Cre

01 February 2002

It's not cricket

London contingency underwriters were victorious in the High Court last month in demanding that an electronics manufacturer pay over £400,000 in premiums on a policy linked to the performance of the Indian cricket team held up because the Indian authoritie

01 February 2002

Plain English

English can often be misleading, so we rustled up a guide to aid understanding to the minefield of Lloyd's business jargon. This month it's the opaque business description:

01 February 2002

Enron-o-Mania and the Insurance Industry

The cover of the January 28 issue of Business Week reads “Special Report: Accounting in Crisis.” The crisis, of course, is Enron. It seems that the media are shocked, shocked to discover that many of America’s biggest companies lie, cheat, manipulate thei

01 February 2002

SVB woes compounded by Reliance PI exposures

Troubled listed Lloyd's insurer SVB has blamed a £41.94mn cash call to comply with US Trust Fund requirements, which do not allow credit to be taken for any recoveries that may be made under existing reinsurance programmes, for the reduction in its 2002 u

01 February 2002

D&O in the doldrums

Fears rise that rate increases fail to account for laddering exposures and Enrontis Despite strong rate increases, concerns are growing that D&O and professional liability rates fail to reflect the potential barrage of claims facing the insurance indus

01 February 2002

AIG subpoenaed and bank sued over off balance sheet deals

The US bank forced to unravel transactions with AIG which knocked $11bn off the value of the world's largest insurance company, is facing a class action suit from aggrieved shareholders. On the 1 February Milberg Weiss, the veteran New York plaintiff atto

01 February 2002

Wallace - permanent Lloyd's ban

Andrew Wallace, the former Chief Executive of Crowe Syndicate Management and active underwriter for Syndicate 963 has been banned from Lloyd’s after admitting to charges of misconduct.

01 February 2002

Lloyd's capital problems

Are the Bain & Co proposals a viable attempt to reform Lloyd's or a knee-jerk reaction from management to avoid criticisms of under-performance? For a three hundred year old organisation, Lloyd's of London demonstrates an admirable willingness to chang

01 February 2002

Lloyd's increases loss estimates to £1.9bn but claims minimal exposure to Fortress Re

As widely predicted, Lloyd's increased its estimated net exposures to the WTC attacks by forty-five percent from £1.3bn to £1.9bn. As a consequence, the market has increased its estimated losses for the 2000 year from £0.7bn to £1.49bn. And increased its

01 December 2001

Catlin plans $750m injection

Massive boost for Lloyd's, but Names can't benefit Stephen Catlin, the former dentist and chief executive of Catlin Underwriting Agencies Ltd, is negotiating a $750mn capital boost in Catlin Westgen Group Ltd, the holding company of Catlin Underwriting

01 December 2001

Inside Letters - Slayden Support

Gentlemen, I enjoy your publication and appreciate the general quality and forthrightness of the editorial; very refreshing and often enlightening. I regret therefore that I must take you to task over a very short insert in your latest issue.

01 December 2001