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February 2002/1

  • Stiff Competition Snide is mortified. Recently launched in direct competition to Snide's own Tearful Willows™ Inc (a Viatical insurance and funeral planning all-in-one service which is a subsidiary company of Cadaver-us Ltd, a Cayman Island corporation
  • 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
  • Bermudian reinsurers XL Capital and Ace have settled their disputed property insurance claim with WTC leaseholder Silverstein Properties Inc. In a release Ace commented, "The settlement is based upon a single occurrence and therefore will comprise payment
  • 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:
  • Odyssey Re attacks the legitimacy of reinsurance arbitrage in its fight with embattled broker Stirling Cooke Brown Reinsurance arbitrage is on trial as Odyssey Re accuses parts of the London market of indulging in "shady low grade arbitrage business" d
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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.