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February 2005/4

  • A UK court has ruled that insurers will have to pay compensation to thousands of people with pleural plaques, the scarring on the lung lining that indicates exposure to asbestos.
  • The sudden departure of Marie-Louise Rossi from the International Association of Underwriting (IUA) has led to suggestions her parting was less than amicable – a view the IUA refused to contradict.
  • Broker Marsh looks set to announce more job redundancies as the result of an ongoing cost-cutting programme.
  • A further three employees have pleaded guilty to criminal charges in connection with bid-rigging investigations by New York attorney general Eliot Spitzer.
  • The biggest fire in Madrid’s history caused estimated damage of $108mn, according to reinsurance broker Guy Carpenter. The fire gutted a 32-floor skyscraper in the Spanish capital’s finance district on 12 February. Madrid’s fourth tallest building, the Wi
  • A strong 2004 for Texas-based HCC Insurance Holdings saw its profits from ongoing operations grow by 45 percent from $106.9mn, or $1.66 a share, to $159.0mn, or $2.41 a share, with overall net earnings increasing from $143.6mn, or $2.23 a share, to $163.0
  • A strong final quarter from “Class of 2001” alumni Montpelier Re failed to prevent its full year profits from slumping from $407.1mn in 2003 to $240.3mn in 2004.
  • Heath Lambert Group has announced the appointment of Nigel Godwin as executive director within its Major Accounts Group.
  • The first signs of protest over ACE Ltd’s proposed sale of its asbestos reinsurance exposures to run-off company Randall & Quilter Investments Holdings Ltd occurred last week when four of ACE’s rivals protested to the Pennsylvanian insurance regulator.
  • QBE revealed last week that it has appointed Andrew McBride to the newly created role of Claims Director to its European Commercial division.
  • Fast growing post-9/11 start-up Endurance last Wednesday (16 February) reported 2004 profits well up on the previous year as it shrugged off the impact of the season's catastrophe losses.
  • Refocused Bermudian property catastrophe (re)insurer PXRe reported full year 2004 profits more than 75 percent down on 2003 as strong fourth quarter performance failed to reverse the devastation of a third quarter struck by hurricane and typhoon losses.
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