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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.
  • Soon-to-be floated broker admits errors and omissions exposures are “unsustainable” after its insurers demand a leap in rates and conditions Investors in HLF, which is due to float on the London Stock Exchange this summer, will be backing a company tha
  • 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
  • Buffettology Merrill Lynch recently agreed to pay a $100-million fine after New York attorney general, Elliot Spitzer, investigated the firm and was shocked to discover that its analysts had, allegedly, defrauded investors by recommending stocks of dub
  • 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 health insurer has washed its hands of reinsurance, but its exposures to variable annuity death benefits or VADBE's remain a concern
  • 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.
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