July 2004/3

ACE Global Re said last week that it would look to build its business operations in the finite risk reinsurance market.

Reinsurer XL Re has announced the appointment of Jeremy Hindle as ceded reinsurance and underwriting risk manager.

Class of 2001 insurer Allied World Assurance Holdings revealed last week that it has entered into an agreement with the London based agency Vespasian Management Ltd to advise on the development of its accident and health reinsurance business.

Benign loss conditions in the US property casualty sector continued into the second quarter as insurers are expected to payout just $1.65bn in catastrophe claims – the lowest figure for the quarter since 2000.

Underwriting discipline and capital management were very much at the top of the agenda as an expected 500 (re)insurance executives gathered at the London Hilton this morning (12 July) for the 40th annual International Insurance Society (IIS) seminar.

Ratings agency AM Best said it had extended the financial strength rating of the MONY Group’s insurance subsidiaries to “A+”, following its merger with AXA.

Ratings agency Moody's has assigned a "Ba2" rating with a negative outlook to a proposed subordinated debt issue by Royal & Sun Alliance (R&SA).

Despite cautious optimism that class action reform legislation might finally make it to the statute book, the Class Action Fairness Act went the same way as other recent tort reform initiatives as it died on the Senate floor last Thursday (8 July).

Insurance industry must be prepared to face “progressively rising losses” New research published by the Benfield Hazard Research Centre has painted a bleak picture of the impact of global warming and the prospects for tackling climate change.

There was an interesting insight into the Royal Courts of Justice dispute between oil giant BP and Swiss Re, AIG, AXA, ACE, Aegis and other international insurers this week with the publication of Justice Colman’s reasons for denying summary judgment in t

Lloyd’s chairman issues “warning and a plea” to global leaders to maintain rates The insurance industry cannot afford to allow rates to prematurely soften, Lloyd’s chairman Lord Levene has warned.

Fast growing Bermudian post-9/11 start-up AXIS capital saw its new European headquarters officially opened in Dublin last Wednesday (8 July) by Irish finance minister Charlie McCreevy TD.