June 2003/1

Total payouts fall, but shrinking surplus and deteriorating solvency margin as balance sheet weakens Equitas unveiled financial results for the year ended 31 March 2003, announcing a £399mn increase in gross discounted asbestos reserves. The world's

Arch Capital Group has recruited the former Chubb D&O specialist Ralph E. Jones III to lead its challenge into the US professional indemnity sector. Jones will join on the 1 July as the president and chief executive officer of Arch's US Insurance arm,

Aspen Re, the London market reinsurer spun-out of the Lloyd's insurer Wellington Underwriting last year, is planning to reward its private equity backers by floating in the US later this year. Although less than a year old, Aspen plans to follow in the

Lloyd’s have appointed veteran reinsurance underwriter Bryan Kellett to represent its interests in the forthcoming Central Fund reinsurance arbitration dispute against Swiss Re.

Despite revelations that Trenwick Managing Agency (TMA) is confident of securing financing to prevent Syndicate 839 sliding into run-off, the rating agency Moody's has downgraded its performance rating on TMA’s $500mn capacity syndicate to C (below averag

Lloyd’s insurer GoshawK believes the demise of the UK personal injury firm The Accident Group (TAG) will have little impact on its earnings. According to a company spokesman, GoshawK was one of a number of London market insurers to provide After the Ev

Unless an 11th hour settlement can be struck through the current mediation, the controversial Aon 77 dispute will proceed to trial in the UK High Court on the 27 October. At time of going to press, the parties exposed to the giant energy claim are continu

Largest film finance resolution yet, as AIG, JLT, and CSFB settle UK High Court action with investors supporting Flashpoint backed films Lexington Insurance Company, a subsidiary of the world's most valuable insurance group AIG, has settled a $180mn di

A tit-for-tat letter exchange has ensued between European reinsurers and their US (re)insurance counterparts as the ground is fought out to establish the way ahead for collateral requirements of so-called "alien reinsurers" operating in the US marketplace

WRB Insurance, a new £80mn capitalised UK liability insurer headed by former ACE professional indemnity underwriter Stuart Wright, will begin trading early July providing fresh capacity to a stretched sector. WRB Insurance, which is majority owned by U

With the recent news that the Lloyd's Franchise Board is considering cutting Qualifying Quota Share (QQS) allowances to 10 percent of stamp, managing agents are being forced to reconsider their business plans and capacity requirements. Currently, 2003

Lloyd's (re)insurer Chaucer's plans to merge its syndicates 587, 1084 and 1096 into one have met with a mixed reception. The move, initially announced in Chaucer's prospectus for its recent successful £42mn placing and open offer (see Insider Week 65)