January 2004/3

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

As the FSA deadline for broker regulation approaches, the British Insurance Brokers' Association (BIBA) has warned that consumers may face added danger and confusion if they buy their insurance from a non-regulated company.

President Bush boosted hopes of US tort reform last week when he staged a series of events putting the case for limitations on lawsuits.

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.

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

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

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”.

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.

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.