January 2004/3

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”.

Two of Lloyd’s leading players, Amlin and Wellington, released trading statements last week revealing average rate falls of four and five percent respectively for 2004.

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

ACE Ltd has partially lifted the asbestos albatross which haunted the company’s reserves ever since it acquired CIGNA Property & Casualty business in 1999, by selling its run-off unit Brandywine to Randall & Quilter Investment Holdings Ltd.

Little over a week after receiving a request for information on the sale of its “non-traditional or loss mitigation insurance products” from the Securities and Exchange Commission (SEC), Berkshire Hathaway unit General Re revealed last Thursday that it ha

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

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.

World’s de facto largest asbestos reinsurer Equitas continued its commutations drive with the announcement last week that it had reached “comprehensive agreements” with four major policyholders at the tail end of 2004.

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

Last week, ACE USA chief executive Susan Rivera became the second most high profile casualty from the investigations into insurance industry practices following the ousting of MMC chief executive Jeffrey Greenberg in October 2004.

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.