January 2004/3

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

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.

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

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

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

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”.

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.

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 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.

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.