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February 2003/1

  • Pressure for comprehensive legal reform in the US has grown with the American Bar Association (ABA) voting to back asbestos limit caps and the asbestos reform bill was introduced in the US Senate. This after President Bush called for changes to medical ma
  • Fitch, the rating agency, has affirmed the 'A-' financial strength rating of Lloyd's, but has retained the market's negative outlook. While Lloyd's capacity might have leapt to a record high of £14.4bn there are still some problems ahead, argues the ag
  • Embattled insurer Trenwick Group posted devastating fourth quarterlies to unveil a $386.1mn loss for the year. A loss was inevitable even before the insurer announced a $107mn boost to its reserves for the fourth quarter. The reserve boost, which followed
  • A War in Iraq would make little impact on AIG claimed ceo Hank Greenberg to industry analysts this month. Asked about a possible conflict he commented, "Our business in the middle east is not huge. We have both life and non-life operations, and neither
  • Marsh turns on the pressure As one of the first brokers to reveal their 2002 results, Marsh's 16 percent increase in organic growth put the pressure on its broker rivals who didn’t always measure up when they followed. Overall the results of Marsh's
  • The heavy-hitting private equity investors in Bermudian and London insurers will watch Endurance's planned $250mn initial public offering on 28 February with great interest. Endurance Specialty Holdings, formed in the post 9/11 capacity crunch with $1.
  • On Monday 3 February at 8:23 p.m., AIG announced that it would take a $2.8 billion pretax charge ($1.8 billion after tax) to boost loss reserves, primarily for excess casualty and D&O claims from the 1997 to 2001 accident years.
  • "The world of specialty insurance is booming", but Lloyd's and the London Market must address inherent inefficiencies or face losing business to Bermuda and other rising competitors. These were the views expressed by industry financier Sir Laurie Magnus a
  • Larry Silverstein, the World Trade Center leaseholder, has complained that New York City officials are undermining his position as he campaigns for a $7bn settlement from his insurers.
  • It has become customary to add to the woes of syndicate members by declaring losses not only when an account is due to close after 36 months; but also at quarterly intervals at any point in the normal three-year life of an account, or thereafter during th
  • Lloyd’s contingency underwriters bat away Aon’s IMG claim A day after the England cricket team was due to play Zimbabwe, Lloyd's contingency underwriters were victorious in the High Court in batting away a $2mn claim demanding they pay for the event c
  • But insurers exposed to the black hole of so-called "laddering" claims, are taking different estimates on the scale of the industry's potential exposure... The potential black hole of laddering liabilities came closer to reality this month when a US c