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January 2005/1

  • Fitch Ratings has found itself embroiled in a dispute with the German Insurance Industry Association GDV over its plans to publish unsolicited ratings on hundreds of European insurers. In a 7 January dated letter sent to Fitch Ratings' managing directo
  • There is increasing evidence that energy renewals have been hard hit by Hurricane Ivan, the Category 5 hurricane that ripped through the Caribbean and Florida in September 2004.
  • Brokers Aon and a host of Lloyd's syndicates were treated with a Christmas surprise after Justice Morison delivered his long awaited verdict against the reinsurers of the Aon 77 energy lineslip on 21 December. The verdict means that Cotesworth Syndicat
  • Analysts at Banc of America Securities provided a New Year boost to MMC by upgrading their stance on the world's largest insurance broker from "neutral" to "buy".
  • MMC investors clearly see resolution with the New York attorney general Eliot Spitzer as the key to resolving the traumas surrounding the broker's remuneration practices, if the share price's reaction is anything to go by.
  • MMC is close to restructuring its relationship with its private equity arm, MMC Capital, less than a month after the Securities & Exchange Commission (SEC) requested information about the unit.
  • In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.
  • Lloyd's has issued proceedings against Aon over the broker's refusal to waive the statute of limitations concerning the Central Fund reinsurance dispute. The Corporation is preparing to enter the second phase of arbitration with Swiss Re and the other
  • But uncertainty remains on how firm the company’s walk-away option is on remaining asbestos exposures... ACE Ltd has partially lifted the asbestos albatross which haunted the company's reserves ever since it acquired CIGNA Property & Casualty business
  • A last-minute agreement was reached this month between the Lloyd's Market Association (LMA) and London Market Insurance Brokers' Committee (LMBC) on the form of the new Lloyd's terms of business agreements (TOBAS). The decision came on 13 January, 2005
  • ACE USA chief executive Susan Rivera became the second most high profile casualty from the investigations into insurance industry practices following the ousting of MMC chief executive Jeffrey Greenberg in October 2004 when ACE Ltd announced her resignati
  • Little over a week after receiving a request for information on the sale of its "non-traditional or loss mitigation insurance products" from the Securities and Exchange Commission (SEC), Berkshire Hathaway unit General Re revealed that it has been subpoen
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