January 2005/3

Insurance executives predict regulatory investigations into the industry will continue into 2005, according to a survey by the Insurance Information Institute last week.

Aon Corporation is close to appointing a successor to its patriarchal chief executive Patrick Ryan, Insider Week understands.

French giant AXA had its Fitch financial strength rating affirmed at AA today (17 January), and its Long-term and Short-term ratings at A+ and F1 respectively, all with a stable outlook.

Stuart Shipperlee, the managing director of AM Best Europe, has resigned from the rating agency and is set to return to his former employer, Standard & Poor’s.

German reinsurer Munich Re has called for more risk awareness and transparency in terms of loss potentials and liabilities in the world’s largest cities.

A combination of torrential rain and record rainfall have battered Southern California over the last couple of weeks killing 28 people and causing more than $100mn in damage, with insured losses estimated at more than $25mn. The counties of Los Angeles, V

Bermudian reinsurer Everest Re has warned that its fourth quarter earnings will be hit by 2004’s catastrophe losses.

UK insurer Royal & SunAlliance Insurance Group plc announced a preliminary estimate of £30m, net of reinsurance recoveries, for claims arising from the recent storms and floods in the UK and Scandinavia last week.

Reinsurers have held their resolve and kept price cuts to sensible levels for the 2005 renewals, according to a report released last week by rating agency Standard & Poor's (S&P).

Vermont, the largest captive domicile in the United States, licensed 43 new captive insurers in 2004, as the State continued to attract new formations.

Lloyd’s has issued proceedings against Aon over the broker’s refusal to waive the statute of limitations concerning the Central Fund reinsurance dispute.

But unique circumstances unlikely to set precedent for those with solid D&O cover