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February 2005/2

  • Lloyd’s was one of a host of (re)insurers to reveal their loss exposures to the recent catastrophes that have struck the industry.
  • Lloyd’s run-off vehicle Equitas continued its strategy of commuting its policies by announcing two significant agreements in recent days.
  • Lloyd’s CEO Nick Prettejohn issued a stringent call for the UK’s Financial Services Authority (FSA) to take a more active role in preventing conflicts of interest caused by undisclosed broker commissions.
  • Willis Re has announced the appointment of Peter C Hearn as head of its US operations following the promotion of his predecessor George Reeth to the position of president of Willis North America.
  • The giant US insurer St Paul Travelers Company capped a difficult week with the news that Doug Eliot, the respected chief executive of its commercial and personal lines, was leaving the company.
  • Bruce Carnegie-Brown, CEO of Marsh’s UK operations has been promoted to the position of president and CEO of the broker’s Europe and Middle East Operations.
  • Lloyd’s insurer Hiscox plc has acquired the UK event cancellation provider Insurex Expo-Sure from Alexander Forbes.
  • London market insurer Mitsui Sumitomo Insurance (London) Ltd (MSIL) has been awarded an AA- financial enhancement rating (FER) by the rating agency Standard & Poor’s.
  • Heavy snowfall and poor visibility is suspected to be the chief cause of the Kam Air Boeing 737 crash last week in Afghanistan.
  • Zurich based financial services group Credit Suisse revealed Friday (4 February) that it has upped its payable to XL by $257mn in relation to the Bermudian (re)insurer’s acquisition of Winterthur International back in 2001.
  • The storms which struck the Eastern states of Australia last week will cost around $92mn (A$120mn) in insured losses, according to Australia’s Insurance Disaster Response Organisation (IDRO).
  • US insurer Chubb reported fourth quarter 2004 net income of $467.6mn or $2.39 a share last Tuesday (1 February), a significant improvement on the $72.3mn or $0.38 a share it booked in the same period of 2003 as lower asbestos charges and the turnaround of
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