July 2002/1
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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.
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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.
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Shares in Zurich’s former reinsurance arm Converium fell sharply as investors reacted to fears of collecting recoverables from its former parent, ZFS.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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
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London based broker HLF was forced to pull its planned float after twice extending the pricing deadline to continue discussions with potential investors.
