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June 2002/1

  • Rating agency A.M. Best Co. has downgraded the financial strength ratings to A (Excellent) from A+ (Superior) of the members of AXA Corporate Solutions (AXACS), France.
  • The United States Senate has passed legislation by an 84 to 18 vote that will assist insurers in the event of a catastrophic terrorist attack.
  • The collapse of capital providers such as HIH will cost Lloyd's more than £400mn, the market's latest annual report reveals.
  • While analysts react positively to AIG’s charm offensive, investors are continuing to sell Maurice “Hank” Greenberg has been described, with good reason, as the greatest man in insurance. He didn't form AIG, the world's largest insurance company by mar
  • New Bermudians take up some of the departing capacity as CEA prefers reinsurance over Cat bonds.
  • Marsh, the world's largest insurance broker, has been sensationally dumped by Aetna on placing its own liability cover.
  • Lloyd's have confirmed the appointment of Lord Levene of Portsoken as the long-awaited successor to the chairmanship of Lloyd's.
  • Nissan Fire & Marine now estimated its aviation losses in connection with reinsurance contracts written by managing agent Fortress Re now total 128.8bn yen ($1.035bn).
  • The morale of the London market - which has come up second best against Bermuda in the post 11 September capital raising stakes - was improved with the announced £139mn AIM float of Professional Risk Insurance Ltd.
  • The reporting standards of Lloyd’s syndicates need improving if spread capital is to get a full picture of its exposures, claims Laptop Earlier this year the EU Commission surprised observers by demanding the UK government provide information concernin
  • Agreement ends years of dispute over John Charman’s reinsurance programme After a month of proceedings in the High court, lawyers from ACE, Aon and Gordian - the run-off company for Australian reinsurer GIO - have entered into a confidential settlement
  • Amlin, the largest independent Lloyd’s insurer, has announced plans to raise £80mn from a rights issue to fund a buy-out offer to Names on its flagship Syndicate 2001.