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June 2004/5

  • AM Best has affirmed the financial strength ratings of General Re at A++ (Superior).
  • 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.
  • 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.
  • Bermudian (re)insurer ACE was the topic of much conversation last week as analysts published conflicting and, at times, controversial equity research on the company.
  • UK insurance group Royal & Sun Alliance (RSA) has confirmed that it is negotiating the sale of its life business.
  • 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).
  • 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.
  • Nigel Rogers is owed only a fraction of his claimed remuneration for his time as CEO of Lloyd’s insurer Terra Nova, according to a judgment from London's Royal Courts of Justice handed down last week.
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