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July 2005/3

  • ACE Ltd is restating its financial results for the last five years after an internal investigation discovered that eight finite risk contracts have been accounted for incorrectly.
  • Category 4 Hurricane Emily has made landfall in Mexico causing widespread damage to the country’s Caribbean beach resorts on the Yucatan Peninsula.
  • AM Best placed its A+ financial strength rating of reinsurance giant Munich Re under review with negative implications citing the company’s recent admission that it may again need to bolster the reserves in its US arm, American Re.
  • Recent comments from senior US politicians point to an extension of the federal backstop established under the Terrorism Risk Insurance Act, or TRIA – but only in the short-term.
  • Amlin has walked away from its proposed bid for fellow Lloyd’s vehicle Chaucer.
  • Hank Greenberg, the ousted chief executive of insurance giant American International Group, said he will meet soon with US regulators to discuss their investigations into the insurance giant.
  • Ratings agency Standard & Poor’s has posted a positive outlook in its latest Lloyd’s Syndicate assessment (LSA), upgrading the ratings of seven Lloyd’s vehicles and downgrading none.
  • Although reinsurance rates have continued to soften, the evidence at mid-year renewals is that the downward trend is not uniform, according to world’s second largest broker Aon.
  • Despite a hearing headed by the Pennsylvania insurance commissioner, Diane Koken, last week, ACE Ltd is no closer to knowing whether the proposed controversial sale of three asbestos-riddled subsidiaries...
  • Ratings agency AM Best has assigned a financial strength rating of “A-“ (Excellent) and an issuer credit rating of “a-” to Beazley Insurance Company, Inc, the newly formed US subsidiary of Beazley Group, plc.
  • Bermuda headquartered Catlin Group announced today (18 July) that its newly established Guernsey operation has begun actively underwriting commercial aviation insurance.