June 2004/1

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

Scandinavian insurer Tryg Vesta has responded to fears that its UK (re)insurance subsidiary, Chevanstell Ltd - formally Tryg-Baltica International (UK) Ltd (TBI UK) - may be insolvent. After years of underwriting losses, TBI UK was placed into run-of

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

As delegates headed for tea on day two of the World Insurance Forum in Bermuda, reinsurance buyers briefly turned their heads to the "old chestnut of Lloyd's". Christian Milton, chief reinsurance buyer for giant insurer AIG, confirmed he still uses the

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

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

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

German reinsurer R+V accuses Lloyd's based managing agency of fraudulently altering terms of binding agreement; defence says it's "a stitch up from the word go"... The Royal Courts of Justice showdown between German reinsurer R+V and managing agency Ri

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

In an unexpected move Price Forbes - a subsidiary of the world's largest intermediary Marsh - has swooped for the independent London market broker Prentis Donegan. A well regarded operation, Prentis Donegan serves a predominantly US client base with a

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