January 2006/1

The International Underwriting Association (IUA) is set to start 2006 by testing a new electronic claims system that aims to speed up the settlement of insurance and reinsurance claims in the London Market.

Amlin Credit, the trade credit insurance arm of UK listed insurer Amlin plc, today (3 January) announced the appointment of Ray Massey as its new risk director.

AIG subsidiary National Union Fire Insurance Co of Pittsburgh is being sued by Gemstar-TV Guide International (Gemstar) for $50mn over liability cover the US media company says it has for claims arising out of lawsuits over inflated revenues.

The annual report of “Judicial Hellholes” has been published by the American Tort Reform Association (ATRA) naming and shaming the worst jurisdictions in the USA. ATRA defines “Judicial Hellholes” as places where “judges systematically apply laws and..

Over 70 percent of Aon’s US clients have accepted the broker’s offers as it attempts to compensate clients for contingent commissions, after the broker extended its opt-in deadline by a month.

Mike Mackenzie has become the latest senior figure to part company with rating agency AM Best’s European operation. Mackenzie resigned his position as general manager of European business development.

Reinsurance giant Swiss Re last week (28 December) announced that it had completed a second deal securitising future profits from a portfolio of US insurance policies bought up by its Admin Re division.

US insurer HCC Insurance Holdings has completed the acquisition of the 80 percent outstanding shares in Illium Insurance Group, the parent company of Lloyd’s managing agency Illium, which manages liability and motor Syndicate 4040.

As revealed by Insider Week in November, Creechurch Underwriting has announced that it is to form Lloyd’s first takaful syndicate, which will be compliant with Shari’a law.

UK listed broker Jardine Lloyd Thompson Group plc saw its reinsurance arm commence trading as a separate entity under the name JLT Re on 1 January.

Swiss reinsurer Glacier Re announced on 21 December that it has raised $50mn in new capital.

Analysts from US market information firm Advisen have estimated worldwide insurance and reinsurance losses from the trio of major hurricanes hitting the US last autumn will hit $57.6bn, based on reported property and business interruption losses and...