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July 2003/4

  • The rating agency Standard & Poor’s is primed to raise its BB+ financial strength rating on embattled German insurer Gerling on imminent news that it has raised equity funding of at least EUR75.5mn.
  • CSFB’s professional liability insurers do not need to reimburse the bank over its $100mn settlement with the Securities and Exchange Commission, a US State Supreme Court ruled last week.
  • Safe havens for stricken ships – not double hull tankers – are the answer to oil spill pollution problems in the long term, according to a senior marine lawyer.
  • New FSA chief heralds non-life regime to match capital with risk Incoming chief executive of the Financial Services Authority (FSA) John Tiner focussed on company failures in the London market last week as he announced plans to reform capital adequacy
  • United Airlines has filed a $25mn complaint in the US District Court in the Southern District of New York against AIG over the insurer’s refusal to pay for business interruption losses after the 9/11 attacks.
  • Sphere Drake’s 8 July victory in the UK High Court over exposures to workers’ compensation carve-out reinsurance has forced the Lloyd’s broker Stirling Cooke Brown Insurance Brokers Ltd into administration.
  • World Trade Center leaseholder Larry Silverstein is back in Court on Tuesday (22 July) as he seeks to force the building’s insurers to pay for two events, double the value of his Willis placed $3.5bn policy.
  • CIGNA’s inability to hedge its exposures to variable annuity death benefit contracts (VADBEs) have cost the embattled US health insurer a further $300mn.
  • Numis Securities, the house broker to quoted Lloyd’s insurer GoshawK, is maintaining a bullish outlook on the company’s prospects, despite the shock 3 July profits warning.
  • Global insurer pleased with restructured London operations but Lloyd’s presence likely to diminish further.
  • Axis Capital Holdings Ltd, the Bermudian (re)insurer formed by ex-Lloyd’s underwriter John Charman after 9/11, has announced the appointment of Dr. Karl Mayr as president and chief executive officer of its European reinsurance subsidiary, Axis Re.