June 2004/5

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.

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.

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).

AM Best has affirmed the financial strength ratings of General Re at A++ (Superior).

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.

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.

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.

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.

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