January 2004/6

In a new report, ratings agency Moody’s has suggested that core reserves (i.e. reserves excluding asbestos and environmental liabilities) for the insurance industry may be short by as much as $30bn.

Consultants Watson Wyatt has announced that it will establish an insurance and financial services consulting team based in Munich.

The imminent expansion of the European Union – creating the largest trading bloc in the world – will benefit the insurance industry, according to actuaries Tillinghast.

Independent Lloyd’s brokers Lochain Patrick Insurance Brokers Limited has announced plans to acquire London Special Risks Limited (LSR), the specialist marine insurance and reinsurance advisory and broking company.

R&SA has announced the sale of its 37.1 percent shareholding in South Africa’s Mutual & Federal Insurance Company Ltd.

There were further signs of the opening of China’s (re)insurance market last week, as Benfield announced it had placed a $5bn reinsurance programme for the China Export & Credit Insurance Corporation and Liberty Mutual became the first foreign property ca

Tony Taylor, the founding chief executive of Bermudian reinsurer Montpelier Re, has resigned from the board of Aspen following the latter’s flotation on the New York Stock Exchange.

Bermudian (re)insurer Endurance announced last Thursday (22 January) that its 2003 net income has rocketed 158 percent to $263.4mn, or $4.00 per diluted share.

Just two months after news of the proposed St Paul Travelers supermerger broke, St Paul admitted last week it would take a $350mn pretax fourth quarter reserve charge to bolster its healthcare business in run-off.

Rates for directors & officers cover in the US climbed to an all time high last year as insurers continued to increase rates, according to Tillinghast’s 2003 Director’s and Officers Liability survey.

UK run-off firm Omni Whittington Capital Management Ltd will manage the affairs of Talbot’s loss-struck Syndicate 376 when a novation of the managing agent’s agreements occurs later this year.

Practitioners in the London market have agreed the standard template of a binding authority agreement which will be incorporated into a new LMP slip, it was revealed today (26 January).