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June 2004/5

  • Reinsurance broker Benfield has announced that it can now provide all technical documentation (including claims advice, claims settlement, premium credit closing and treaty balance), in a paperless, electronic format.
  • AM Best has affirmed the financial strength ratings of General Re at A++ (Superior).
  • 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.
  • Professional indemnity underwriter Tim Glover has resigned from Lloyd’s insurer SVB amidst suggestions that he may be drawn towards Quanta, the Bermudian insurer planning to launch a Lloyd’s syndicate (see The Insurance Insider, June issue).
  • But US treasury warns of premature conclusions on renewal Hopes for extension of the Terrorism Risk Insurance Act (TRIA) in the US were raised last week as the US Treasury Department announced its decision to extend the “make available” provisions of
  • Underwriting discipline in the turning market took top priority as US reinsurance industry leaders and Standard & Poor’s (S&P) analysts gathered in New York last week for the rating agencies annual insurance conference.
  • “Above average performance” and a 0.6 percent profit on the 2001 year of account were enough last week for ratings agency Moody’s to place Beazley Furlonge syndicates 623 and 2623 on review for a possible upgrade.
  • After two years of downward pressure on the sector, European reinsurers are at last seeing stabilisation in their financial strength, according to rating agency AM Best.
  • Equity analysts at Morgan Stanley have questioned the more bullish comments relating to AIG’s performance, including its ability to harvest earnings from p/c reserves and its earnings leverage to improved economic conditions and rising interest rates.
  • Details emerge of circumstances surrounding Gebauer's departure There were more developments in the ongoing litigation between German reinsurer R+V and managing agency Risk last week with the court appearance of R+V CEO Dr Jürgen Förterer at London's
  • A row has erupted between the Association of Insurance Risk Managers (AIRMIC), the Financial Services Authority (FSA), and the Treasury over plans to regulate UK risk managers in line with new EU regulations.
  • Australia’s financial regulators are continuing to bare their teeth by revealing last week that they are investigating reinsurance transactions made by Zurich Australia in 2000.
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