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July 2002/1

  • Shares in Zurich’s former reinsurance arm Converium fell sharply as investors reacted to fears of collecting recoverables from its former parent, ZFS.
  • Jeremy Pinchin, Lloyd’s Special Counsel for September 11, encouraged market executives when he confirmed that Lloyd’s exposures to the World Trade Center have not deteriorated.
  • Munich Re, the world's second largest reinsurer, increased its WTC loss reserves by a further $500mn to €2.7bn sparking a collapse in the value of European stocks.
  • ACE is poised to announce a settlement with Jane Hayes, the former ACE underwriter who earlier this year appealed after her Court failure to prove sexual discrimination and unfair dismissal against ACE’s Charman Underwriting.
  • Allianz unconvinced by Lloyd's paper So much for Lloyd’s security. As corporate capital strengthens its grip on the Society, reinsurance buyers appear to be getting ever choosier over what syndicates they will accept - despite the fact that AM Best giv
  • The rivalry between Aon and its Chicago neighbour Near North is becoming increasingly vicious with allegations of theft, blackmail, and industrial espionage. It's unlikely that Pat Ryan, the impeccably groomed head of Aon, was upset by the arrest of...
  • XL Capital’s share price fell 12 percent after the insurer announced an unexpected $200 mn charge for additions to its 11 September reserves and a $120 million charge for bond writedowns for WorldCom, Adelphia and other telecommunications companies.
  • Trenwick has instigated arbitration proceedings to force Swiss Re subsidiary, European Re, into paying $55mn under a disputed financial contract known as a Catastrophe Equity Put or CatEPut.
  • The Court of Appeal unanimously rejected the case brought by the so called Jaffray Names against Lloyd's, and upheld the earlier High Court ruling that Lloyd's had not committed fraud.
  • Finding a good franchise performance director will not be easy Lloyd’s search for its Underwriting Tsar steps up a gear with the recent unveiling of its franchise proposals. Containing few surprises, the 56 page consultation document published by the C
  • London based broker HLF was forced to pull its planned float after twice extending the pricing deadline to continue discussions with potential investors.
  • Bermudian insurer plans to reduce its Lloyd’s capacity by almost a third to £652mn. ACE, one of the largest capital providers in Lloyd’s, is considering reducing its 2003 capacity by almost £300mn to £652mn.