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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.
  • 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.
  • Lloyd’s has issued proceedings against Aon over the broker’s refusal to waive the statute of limitations concerning the Central Fund reinsurance dispute.
  • 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.
  • But unique circumstances unlikely to set precedent for those with solid D&O cover
  • 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).
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