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July 2003/1

  • Industry give cautious welcome to US Court decisions which reign in excesses of the Wall Street litigation; $1bn settlement removes 309 IPO companies from “laddering” litigation Insurers exposed to the myriad of US shareholder class action suits were
  • Start-up changes advisers while debating merits of Lloyd's over company Illium Insurance, the proposed UK liability start-up headed by respected ex Limit stalwart Denis Burniston and Russell Benzies, has applied to form a new Lloyd's Syndicate to begi
  • Giant German Munich Re has become the first international reinsurer to receive a nationwide composite operating license in China as penetration into the tightly controlled domestic market gathers pace.
  • Lloyd's (re)insurer Chaucer has written to Names increasing the offer for unaligned 2004 capacity on its proposed merged Syndicate 1084 from 7.5p to 11p per £1. Chaucer upped the offer after its initial 21 June proposal met with little enthusiasm from
  • Trenwick Managing Agency announced at the beginning of the month that it had stopped writing aviation business "with immediate effect". The firm, which hopes to announce a management buyout from its distressed parent Trenwick International later this mont
  • A Marsh takeover of UK broker HLF Group has taken a step closer to reality with the revelations that the world's largest insurance broker has begun due diligence proceedings.
  • Marsh reinsurance broking arm Guy Carpenter has become entangled in a competition dispute in the US with an IT outfit it partly owns. Ohioan software firm ReClaim Technologies and Services has filed a $10mn lawsuit against the broker for breach of cont
  • Rich behaviour Last year, The Insider's quarterly magazine, IQ, launched its inaugural London Market Rich List. It went down a storm and we will do again this year in the Autumn edition of IQ. But clearly some people could not wait that long - includin
  • CXRe, the operation in run-off formerly known as CNA Re UK, is facing a £2.5mn lawsuit from St Paul Syndicate 314 for non-payment of claims. In its 18 June High Court filing, the Syndicate "claims damages in respect of the defendant's failure, in breac
  • Lloyd's insurer negotiating with new advisers to rekindle postponed fund The Lloyd's based UK insurer Creechurch is considering a second attempt at a London IPO later this year, less than two months after withdrawing a planned £75mn AIM offer with sto
  • Troubled UK liability insurer The Underwriter has announced that it has gone into "solvent run-off" and, as of last Friday (11 July), will no longer write new business. The decision comes as a result of an FSA review into the company's parlous capital sit
  • Advisors appointed to discuss "strategic options" which include a possible sale; concerns over reserve adequacies; space shuttle loss and The Accident Group; future of Syndicate 102 in doubt; share price falls by 30 percent Following reassurances from