July 2004/3

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.

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

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.

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

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.

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.

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

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).

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).

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.