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January 2004/2

  • Japanese insurer Aioi Insurance Company revealed today (5 January 2004) that it expects its 2003 profits will be up by 35 percent because of compensation received from the aviation reinsurance pool manager, Fortress Re.
  • Insurers providing Parmalat’s $50mn directors and officers’ liability protection may seek to void the cover for misrepresentation, according to sources.
  • Casualty insurance premiums, particularly those for D&O, employers’ and product liability and medical malpractice, are likely to remain firm or even rise in 2004, according to the latest report from broking group Jardine Lloyd Thompson.
  • Insurance brokerage Arthur J Gallagher has announced the acquisition of Lloyd’s broker Connor Hale Kerslake.
  • Brokers Jardine Lloyd Thompson (JLT) has announced the acquisition through its US based subsidiary, Capital Risk LLC, of the business portfolio and related assets of HCC Employee Benefits.
  • WTC leaseholder Larry Silverstein suffered a setback last week when a judge ruled that a jury could hear a court ruling unfavourable to him.
  • The first conviction relating to the 2001 collapse of Australian insurer HIH went to former finance officer Bill Howard – but his two year sentence was suspended on condition that he continues to co-operate with prosecutors.
  • Royal & Sun Alliance, the UK’s second largest non-life insurer, has appointed George Culmer to replace Julian Hance as the Group chief financial officer.
  • Aviation insurers from the London market are among those exposed to the Flash Airlines disaster, which saw flight number FSH604 crash on early Saturday (3 January 2004) killing all 148 people on board.
  • Brokers Benfield Group, has acquired a further 43 percent of the world’s only dedicated space insurance intermediary, International Space Brokers (ISB).
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