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.

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

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.

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.

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

Marsh has tempted back one of the key professional liability brokers who defected from the firm to join the expanding Atlanta headquartered broker Beecher Carlson in the New Year.