January 2004/6

Bermudian reinsurer Partner Re has said claims relating to its exposure to last week’s explosion at Algeria’s largest liquefied natural gas (LNG) plant were expected to be between $27-30mn.

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.

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).

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

New research from analysts at Morgan Stanley suggests that world’s largest insurer AIG may benefit from a combination of stronger equity markets, a weakening dollar and renewed enthusiasm for growth prospects in China in 2004.