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July 2003/2

  • Victims of deep vein thrombosis (DVT) lost a landmark appeal last Thursday as a December 2002 High Court ruling was upheld, preventing claimants from suing airlines for compensation.
  • 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 40 percent
  • Markel International, the London based arm of US insurer Markel Corporation, received a boost last week from rating agency AM Best when its financial strength rating was upgraded to A-.
  • General insurers are less pessimistic than they were in the first three months of 2003, according to today’s latest quarterly financial services survey by the CBI and PricewaterhouseCoopers (PWC).
  • Insurance information service provider Axco has offered an upbeat assessment in its inaugural report on the London Market.
  • Axis Speciality Ltd, the Bermudian insurer formed by John Charman in the aftermath of the 11 September terrorist attacks, announced today (7 July) that it will provide directors & officers liability insurance and other financial lines coverage.
  • Bermudian post 9/11 start-up Montpelier Re has tied up a $450mn funding arrangement to support its letter of credit needs.
  • With the Senate Judiciary Committee in recess over the 4 July break, hopes for successful passage of Senator Orrin Hatch’s Fairness in Asbestos Resolution Act were dealt a blow last Thursday as insurers threatened to withdraw from the initiative to set up
  • Alphastar – the firm formerly known as Stirling Cooke Brown (SCB) – has until the end of this week to file overdue financials or face delisting from Nasdaq.
  • A Marsh takeover of UK broker HLF Group has taken a step closer to reality as Insider Week can reveal that the world’s largest insurance broker has begun due diligence proceedings.
  • Trenwick Managing Agency announced last week that it had stopped writing aviation business “with immediate effect”. The firm, which is set to announce a management buyout from its distressed parent Trenwick International later this week, explained in a ma
  • UK insurer Royal and Sun Alliance (R&SA) has fought back against last week’s downgrade by ratings agency Moody’s, expressing its disappointment that “delivered improvements to date are not more fully taken into account.”