June 2004/1

In contrast to barnstorming Q1 results for US and Bermudian (re)insurers, European carriers enjoy a mixed first quarter with some showing a more subdued uplift from hard market conditions

But Kinnect CEO is upbeat on the venture’s longterm prospects... Business process reform in the Lloyd's market is still at a rudimentary stage and the situation is unlikely to improve within the next two to three years, the Franchise Board's Franchise

Growing signs in the US point to the likely passage of class action reform, as legislators seek to clamp down on the fast growing and costly trend of mass torts. After the Class Action Fairness Act 2003 HR 1115 was passed a year ago by the House of Rep

London market insurers are facing a series of claims from insuring US bail bond firms, The Insurance Insider can reveal. One of the worst culprits appears to be the Capital Bonding Corporation, a Pennsylvania based firm whose principals have been sudd

Management controlled motor insurer Zenith will have to disclose documents to former owner XL London justifying its controversial reserving on Syndicate 2002, which saw the new owners benefit from a £23.5mn release from reserves months after the sale.

But emerging losses show propensity to bite back... Despite general profitability across the Lloyd's market for the 2002 year, with a slight deterioration of 0.05 percent to a projected 12.79 percent profit at the end of the ninth quarter, individual s

Equitas announced its annual results for the year ended 31 March 2004 on 8 June, revealing a £296mn increase in gross discounted reserves for asbestos claims. Accumulated surplus after tax fell £67mn from £527mn to £460mn, but the reinsurer's solvency

With writs flying and claims accruing, Cable &Wireless' ill-conceived foray into insurance may cost the telecoms firm and the London market dearly... Fears are growing of another multi-million pound insurance scandal, this time involving UK telecoms co

Insolvent corporate capital providers cost market dear The Lloyd's Central Fund has now paid more than $1bn on behalf of insolvent corporate capital providers who have left the market with outstanding liabilities. Last month the Society revealed tha

Rationale questioned as Cox answers back to reserving concerns... The sudden departure of Neil Utley as chief executive of Lloyd's motor insurer Cox on 11 June was met with surprise and shock. The move, and the unusually candid comments from senior

Underwriting disclipline is strong theme at Bermuda's World Insurance Forum as evidence mounts of growing rate cuts... Talk at the recent World Insurance Forum in Bermuda was of battening down the hatches in readiness for a downturn already gaining mom

In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.