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.