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January 2004/3

  • 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.
  • 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.
  • The number of US securities class actions increased in 2004 as shareholders continued the willingness to support actions against publicly traded stocks.
  • President Bush boosted hopes of US tort reform last week when he staged a series of events putting the case for limitations on lawsuits.
  • 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
  • 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
  • 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.
  • 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.
  • 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.
  • The California Earthquake Authority (CEA) has issued two tranches of catastrophe bonds, collateralising high-end property losses from personal and commercial lines in California.
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