January 2004/5

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

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.

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).

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.

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

Recently floated Bermudian (re)insurer Alea released a buoyant trading statement today (19 January 2004), highlighting strong renewals and good prospects for the year ahead.

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.

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

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

Another new appointment at SVB last week as the Lloyd’s insurer unveiled Tony Hambro as a non-executive director.

According to the International Underwriting Association (IUA), most London Market (re)insurers are in a position to prove their eligibility for exemption from Federal Excise Tax (FET) as required by a recently imposed UK/US Tax Treaty.

Reinsurance broker Benfield announced Friday (16 January) that its Australian subsidiary Benfield (Australia) Pty Limited has bought rival Airs Re Pty Ltd.

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.

Despite being the world’s fourth largest reinsurer, it wasn’t too long ago that General Electric’s Employers Re was up for sale. But a year after the reinsurer took a pre-tax $2.5bn fourth quarter charge which boosted asbestos and WTC reserves but dragged

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

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.