January 2004/5

A new online quoting engine specialising in D&O liability insurance for small to medium size enterprises has been launched.

The recent round of renewals saw little change in market conditions as the reinsurance market generally upheld underwriting discipline, according to a report released today (19 January) by broker Benfield.

The P&I market is performing below its full potential despite two years of hard markets, according to a new report release by HSBC Insurance Brokers.

Last week, Bermudian insurer Allied World Assurance Company appointed a new chief executive in a move that will do little to quash speculation that the company may look to go public later this year.

Ashok Gupta, the architect of the £50mn+ Lloyd’s sponsored Kinnect project,has been replaced, Lloyd’s revealed today (19 January).

Lloyd’s chairman Lord Levene has again focused on tort reform, US funding requirements and the “special relationship” between the UK and US in a speech to the Downtown Association in New York.

According to a new report from rating agency Moody’s, statutory reserve requirements are making direct writers of US individual life insurance policies increasingly dependent on offshore reinsurance to offload growing reserving pressures from their balanc

Newly floated Bermudian reinsurer Aspen is expanding its US property reinsurance underwriting with a new team based in Connecticut.

After months of speculation, Xchanging and IT provider Rebus iS look set to finalise merger plans, Insider Week can reveal.

Bermudian giant XL Capital followed its surprise third quarter $184mn pre-tax reserve charge with a higher than expected $694mn pre-tax charge in the fourth quarter prompting ratings downgrades from Moody’s and Standard & Poor’s (S&P).

A total of seven different Lloyd’s syndicates have made cash calls, including Syndicate 271, Syndicate 506, Syndicate 744, Syndicate 957 and Syndicate 1101. The due date of the cash calls is 13 February.

US property casualty giant The Hartford preannounced a higher than expected set of fourth quarter results last Wednesday (14 January) with an 8-K SEC filing.