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July 2004/3

  • 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.
  • 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.
  • 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.
  • Reinsurer XL Re has announced the appointment of Jeremy Hindle as ceded reinsurance and underwriting risk manager.
  • ACE Global Re said last week that it would look to build its business operations in the finite risk reinsurance market.
  • 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.
  • 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.
  • Fitch Ratings announced it is maintaining its Positive outlook on the non-life sector in France, despite the coming downturn in the market and warnings of a looming price war.
  • 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.
  • 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 Standard & Poor's (S&P) has raised its long-term counterparty credit and insurer financial strength ratings on Allianz Ireland and Allianz Corporate Ireland (collectively Allianz Ireland) to “BBB” from “BBB-“, with a stable outlook on both
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