July 2004/3

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

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.

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

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.

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.

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

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).

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).