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June 2004/3

  • Fulham Football Club has issued a High Court writ against a consortium of Lloyd’s syndicates for failing to pay personal accident (PA) claims on one of the club’s former players.
  • Marsh & McLennan chief executive Jeff Greenberg reassured investors that the group will continue to receive compensation for its broker services, despite New York attorney general Eliot Spitzer’s investigation into the practice.
  • UK broker Jardine Lloyd Thompson (JLT) has been voted European Commercial Broker of the Year, in a poll of more than 2,000 UK and European risk managers.
  • Reinsurer broker Benfield has appointed Chris Cook to its aviation insurance team, where he will focus on major aviation risks.
  • Run-off specialist Omni Whittington has announced the appointment of Harry Whitcher as the new compliance and risk manager for Reliance National Insurance Company (Europe) Limited.
  • US insurer Allmerica has announced the extent of likely incurred catastrophe losses following the recent spell of severe weather over the Michigan area.
  • Moody’s and AM Best have respectively assigned A3 and BBB+ ratings to ACE INA’s proposed $500mn senior unsecured debt issue, announced last Wednesday (3 June).
  • Standard & Poor’s (S&P) announced Thursday (3 June) it had affirmed Swiss reinsurer Converium’s ‘A’ long-term counterparty credit and insurer financial strength ratings after conducting a review. The group’s US operation Converium Holdings (North America)
  • Bermudian (re)insurer Arch Capital has announced that it will start to underwrite commercial business in the UK this week, after receiving a licence to do so from the Financial Services Authority (FSA).
  • Bermuda’s Everest Re had its A+(Superior) financial strength rating affirmed by AM Best last Wednesday (2 June). The agency also affirmed Everest Re’s debt ratings and extended the group’s financial strength rating to a previously unrated subsidiary Evere
  • Specialty property and casualty insurer Markel International has announced the launch of a new insurance product to cover professional karting circuits.
  • Ratings agency Standard & Poor’s (S&P) has warned reinsurers to hold firm when balancing demand from clients, brokers, and shareholders to sustain underwriting volumes, with the need to cut exposures as rates potentially drop off across a number of lines