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January 2005/4

  • Houston Casualty Company has merged its medical stop loss and group life insurance underwriting agency, HCC Benefits Corporation, into its life insurance arm, HCC Life Insurance Company (HCC Life).
  • Less than a year after joining Aspen Re as chief risk officer, Adrian Ballardie has left the reinsurer to join Tokio Marine Global as chief underwriting officer.
  • Equitas has expressed its opposition to the Fairness in Asbestos Injury Resolution Act (FAIR) over fears that the proposed US legislation would fail to protect the run-off vehicle from going bankrupt.
  • Former Jardine Lloyd Thompson chief executive Steve McGill vowed that he will make a swift return to the London market while speaking at a Lloyd’s lecture last week.
  • The dormant Reinsurance Australia Corporation, ReAC, is set to rebrand and begin underwriting – five years after it was brought to its knees by the low rates and high casualty losses of the late nineties.
  • Brit to pay outstanding claims
  • Ratings agency Standard & Poor’s (S&P) decided to leave (re)insurer Alea’s ratings unchanged last week, despite the group’s revelation that deteriorating results on pre-2003 US casualty business and the heavy hurricane losses would add between five and se
  • In the January 2005 edition of The Insurance Insider, we refer to the JLT executive Jonathan Marland as the Conservative MP for Somerton & Frome. This is a mistake. He is the Conservative candidate for Somerton & Frome.
  • Nigel Hanbury, the chief executive of Lloyd’s members’ agent Hampden Agencies, has been elected to the Society’s ruling body, the Lloyd’s Council.
  • The Japanese government will increase its limit for earthquake reinsurance payments for the first time in three years, according to the Daily Yomiuri newspaper.
  • Equity analysts at investment bank KBW have taken a neutral stance in their 2005 sector overview of European insurers, citing the end of the hard market, possible non-life reserve shocks and the fact that any good news on the sector has already been price
  • Insurers AIG, ACE and Aegis have settled their share of energy losses claimed by oil giant BP.
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