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July 2002/1

  • The collapse of the telecommunications firm WorldCom is not as damaging for the P&C Insurance industry as Enron, with most of the industry's exposure to WorldCom's $30bn of outstanding debt in the hands of the life insurers.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • D&O insurers take the strain as the examples of numerical innovations and accounting irregularities mount. The Insider analyses the high-profile corporate losses which could impact the sector. On announcing their 2nd quarter results on 23 July, St Paul
  • 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.
  • The withdrawal of capacity, a plethora of reinsurance disputes and departing corporate capital has left a vast number of open syndicates. Laptop analyses what went wrong The proposed Lloyd’s franchise reforms are partly justified as a way of preventing
  • 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
  • One of the UK’s oldest banks, NM Rothschild & Sons, is planning a new Lloyd’s investment vehicle with Sax Riley, the Society’s retiring chairman, and the Lloyd’s Members Agency Sedgwick Oakwood Capital Ltd.
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