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July 2003/3
  • XL boost capital as new team moves in
    Bermudian (re)insurer XL Capital has announced today the completion of a $500mn capital markets transaction.
    14 July 2003
  • Montpelier to raise $200mn
    Bermudian (re)insurer Montpelier Re filed last Thursday with the Securities and Exchange Commission to sell $200mn in senior notes.
    14 July 2003
  • Munich Re takes Chinese bow
    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.
    14 July 2003
  • Rating agencies down on Royal
    Standard & Poor’s (S&P) has echoed rating agency rival Moody’s concerns over the capital adequacy of Royal &Sun Alliance’s (R&SA) US operations.
    14 July 2003
  • Asbestos reform passes first test of trust
    The drive for meaningful asbestos reform in the US took a big step forward last Thursday as the Senate Judiciary Committee marginally voted in favour of Senator Orrin Hatch’s Fairness in Asbestos Resolution Act.
    14 July 2003
  • Hampden stands alone in Chaucer defiance
    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.
    14 July 2003
  • Best downgrades GoshawK Syndicate
    In the wake of GoshawK’s 3 July mea culpa profits warning, the rating agency AM Best have downgraded the Lloyd’s insurer’s Syndicate 102 from A (excellent) to A- (excellent).
    14 July 2003
  • Time runs out as The Underwriter goes into run-off after less than four years
    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
    14 July 2003

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