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June 2003/5

  • Last week saw a rash of Lloyd’s syndicates announce plans to expand their 2004 capacity to capitalise on the current rating environment. Among the most notable proposals are Cathedral’s plans to increase capacity on its Syndicate 2010 by 25 percent to £20
  • The rating agency Moody’s Investors Service changed its outlook on Amlin’s Syndicate 2001 from stable to positive, paving the way for a potential upgrade later this year.
  • The rating agency S&P last week downgraded International Insurance Company of Hannover Ltd to A+ from AA- on concerns that it is no longer a core subsidiary of Hannover Re.
  • European insurers are more concerned about natural catastrophes than the two events that have dogged the industry in recent years – terrorism and historic under-reserving.
  • New AIRMIC chairman Nick Chown will put “setting new standards” at the top of the agenda during his year in office. Chown takes the reins at the Association of Insurance and Risk Managers from David Ireland, who handed over at the end of the association’s
  • Benfield trading stable Shares in newly floated Benfield are trading at 263p after the reinsurance broker saw unconditional trading in its stock get underway last Wednesday.
  • ACE Ltd’s chief executive Brian Duperreault has sent a strong signal over his preferred successor with the appointment of Hank Greenberg’s son Evan to the post of president and chief operating officer.
  • The problems at the troubled California State Compensation Insurance Fund (SCIF) grew earlier this month with the revelation that its auditors want the Fund’s reserves boosted by $800mn. Already embroiled in an increasingly acrimonious dispute with the St
  • AIRMIC has announced its risk management standard is to be taken on by risk managers across Europe.
  • Less than a month after its all-paper acquisition of liability start-up PRI Group Ltd went unconditional, Brit Insurance Holdings plc revealed that it has purchased Markel International Insurance Company’s UK motor insurance portfolio valued at some £16.2
  • Academics, Non Governmental Organisations (NGOs), policymakers and the plaintiffs’ bar are key to the wave of tort inflation that has engulfed the US and threatens to rise in Europe. These were the views of Joseph Huggard, director of science and policy a
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