January 2004/3

Gregory Serio has announced that he will be stepping down from his current post as New York Superintendent of Insurance.

The California Earthquake Authority (CEA) has issued two tranches of catastrophe bonds, collateralising high-end property losses from personal and commercial lines in California.

Lloyd’s-backed electronic data transfer system Kinnect announced today that Hiscox and Liberty Syndicates have pledged their support for the project and “will sign contracts shortly”.

The number of US securities class actions increased in 2004 as shareholders continued the willingness to support actions against publicly traded stocks.

Swiss giant Zurich Financial Services (ZFS) announced today (10 January 2005) that its subsidiary Centre Insurance Company (CIC) has reached a comprehensive settlement with the Californian Insurance Commissioner in a long running dispute over transactions

Bermudian (re)insurer Endurance Specialty Holdings revealed last week (6 January 2005) that its US subsidiary Endurance Reinsurance Corporation of America had become the latest firm to be subpoenaed by campaigning New York attorney general Eliot Spitzer i

Robert Stearns, a senior vice-president and excess casualty broker at Marsh’s New York office, pleaded guilty to a felony fraud charge last week in relation to New York attorney general Eliot Spitzer’s investigations into bid-rigging.

No letting up in natural catastrophes after record 2004 losses After 2004 produced record insured losses from natural catastrophes estimated at some $40bn, 2005 started in a similar vein as Windstorm Erwin cut a swathe through northern Europe over the

Lloyd’s managing agency AEGIS announced last week the appointment of Stuart Davies as managing director of its energy Syndicate 1225, tasked with driving through its development as a lead underwriter in both onshore and offshore energy.

In the last edition of Insider Week (No 154) we referred to Lloyd’s members’ agency Hampden Agencies recruiting a former CBS Names’ executive, Roger Sedgwick Rough, who had been made “redundant”.

The Joint Provisional Liquidators of the Independent Insurance Company have announced an out-of-court settlement with Berkeley Burke, one of the failed insurer’s creditors.

Specialist motor insurer Highway appears to be back on the takeover menu – with the company announcing on 4 January that it had received expressions of interest from a number of bidders.