July 2004/4

Anglo-American scheme increase The joint scheme administrators of Anglo American Insurance Company, KPMG partners Tony McMahon and John Wardrop, revealed that the payout percentage has climbed yet further from 85 percent to 90 percent.

Dutch retail giant Royal Ahold announced on Friday (16 July) that it had reached a settlement with AIG of all outstanding litigation relating to $100mn D&O coverage of its US Foodservice subsidiary.

French reinsurer SCOR has announced the completion of a platform for electronic data exchange with reinsurance broker Benfield.

According to reports, world’s fourth largest reinsurer and third largest life reinsurer Hannover Re is carrying out due diligence on the US life reinsurance business of Dutch financial services outfit ING.

Specialist property and casualty insurer Markel International has welcomed the confirmation of its "A-" (Excellent) rating, with a stable outlook, by ratings agency AM Best.

The aviation market in the second quarter of 2004 is showing signs of slight hardening, according the latest research from brokers Aon.

UK insurance group Royal & Sun Alliance (R&SA) has announced the sale of its Pakistan based business to the International General Insurance Company of Pakistan Limited for a consideration of around £700,000 to be paid in cash.

Aioi Insurance, Sompo Insurance and Taisei Reinsurance announced last week that they had settled claims against US reinsurance agent Fortress Re over losses related to the 9/11 terrorist attacks.

US financial services behemoth Citigroup revealed the full impact of its previously announced $4.95bn second quarter charge to settle litigation springing from corporate scandal cases such as WorldCom and Enron as it unveiled its worse quarterly figures i

Equity analysts from Morgan Stanley have reinforced concerns over insurers’ exposure to environmental liabilities, suggesting current reserves are “priced for perfection”, and warning that claims for Natural Resource Damages (NRDs) should be looming large

According to reports last week, Zurich Financial Services (ZFS) faces more than $500mn in debts after a Texas bankruptcy ruling that the Swiss company had part ownership in failed nursing-home operator Senior Living Properties.

World Trade Center leaseholder Larry Silverstein succeeded in persuading US district court judge Michael Mukasey to issue a “confidentiality order” over mediation discussions between the remaining ten insurers.