June 2003/3

Catastrophe specialist Cathedral Underwriting Ltd received an inaugural Best syndicate rating of A- (Excellent) last week as the rating agency paid tribute to the Lloyd’s insurer’s “excellent prospective operating performance and business profile.”

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.

Converium receives licence to write UK liability while British Government gives heart to insurance industry In the week that saw the UK Government acknowledge the recent surge in liability premiums, the Swiss based reinsurer Converium revealed that it

UK insurer Royal & Sun Alliance (R&SA) announced today the sale of its US surplus lines unit, RSUI, for £72mn cash to Alleghany Insurance.

Lloyd’s (re)insurer Chaucer’s plans to merge its syndicates 587, 1084 and 1096 into one have met with a mixed reception.

Whatever the prospects for US asbestos reform, Equitas is likely to boost its asbestos reserves when it announces its annual results on Wednesday.

Divided House likely to call time on Hatch plans as “best opportunity in a decade” slips away

Bermuda’s PartnerRe announced it was increasing its dividend to shareholders last week. The reinsurer has increased dividend payments every year since it was founded in 1983.

Endurance received its second ratings endorsement in as many weeks last Thursday, as the Bermudian (re)insurer was granted an A- rating from Standard & Poor’s.

Despite recent warnings from some quarters over the wisdom of dabbling in credit derivatives, a report last week indicated a trebling of transactions for another area of risk transfer – weather derivatives.

The rating agency Fitch is bullish on the Australian insurer QBE insurance Group’s prospects as it assigned an A+ long term rating, outlook stable.

Lloyd’s have appointed barrister Jeremy Pinchin to the new post of Head, Reinsurance and Claims reporting to the Franchise Performance Director, Rolf Tolle.