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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.
  • ACE Global Re said last week that it would look to build its business operations in the finite risk reinsurance market.
  • 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.
  • The American Insurance Association (AIA) has said there is strong bipartisan support for a prolonged life-span for the US Terrorism Risk Insurance Act of 2002 (TRIA).
  • 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).
  • The asset drain continues at Marsh & McLennan’s troubled investment management arm Putnam, according to latest figures and analysis from equity analysts at Morgan Stanley.
  • 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).
  • 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