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January 2003/1

  • This month’s announcement from Travelers Property Casualty met with a largely positive response from Wall Street, insurance analysts and ratings agencies.
  • Specialist investment banking group Numis Securities has been removed from the Register of Sponsors of Lloyd's Capacity offers for two years following proceedings bought against it by the Society.
  • A few weeks after Lloyd’s approved a last-minute funding deal with the Caribbean Imagine Insurance Co. Ltd, Greenwich and their new investors have restructured Syndicate 994’s underwriting portfolio. As a consequence, a moratorium has been placed on a num
  • The Insider’s exclusive analysis shows that Lloyd’s insurers continue to grow as they chase 2003 profits Lloyd’s Syndicates have grown their 2003 capacity by an average of 43 percent each, according to figures obtained by The Insider. The growth of
  • The WTC litigation took another turn earlier this month. Silverstein Properties Inc, The Port Authority and Westfield have filed two new complaints alleging the original trial judge failed to take into account a “mountain of evidence” in an earlier ruling
  • Trenwick, the Bermudian reinsurer, saved its vital Lloyd’s operations with a last-minute deal with its letter of credit providers. The Letter of Credit (LOC) was vital for Trenwick to secure its ability to underwrite in the Lloyd's market for the 2003
  • Unlike many of its peers, Sirius’ woes are not of its own making. Instead the Scandinavian insurer has been downgraded because of the sins of its parent, the struggling power and automation technology giant, ABB Group.
  • Aioi joins fellow insurer Nissan in attacking the Sabbah and Kornfeld “cash machine” Japanese insurer Aioi has accused directors of the Fortress Re Pool of "intentionally looting" the assets of its sister operation, the collapsed captive reinsurer Car
  • Something we’d all like to know Last month Zurich Financial Services became the latest insurer to reveal it was no longer writing credit enhancement type policies. According to the 5 December European edition of The Wall Street Journal, the insurer
  • The scope of blame over HIH widened last week as lawyers for the Australian Royal Commission began their summing up into the insurer's collapse, outlining more than 1,000 alleged breaches of the law. Senior HIH executives face possible criminal charges
  • The 11 insurers embroiled in a $1bn dispute with JP Morgan Chase over Enron deals will pay in the region of $655mn after a last minute settlement was reached earlier this month. Discussions dragged on through New Year's Day and the following night, wit
  • Lloyd’s insurer plans to go public in a £75mn deal to launch UK insurance company Creechurch Underwriting Ltd is poised to become the latest Lloyd’s insurer to go public, as its management puts the finishing touches to a £75mn float currently planned