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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
  • 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
  • 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.
  • 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.
  • 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”.
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