June 2004/6

Global Aerospace Underwriting Managers (GAUM) CEO Tony Medniuk has started his reign as chairman of the International Underwriting Association (IUA) with a pledge to keep technology in the London Market at the top of the agenda.

In its latest Sigma study, reinsurance giant Swiss Re notes that the direct insurance industry – now worth $2.94tn – is well on the road to recovery, and will continue to show improvement this year.

Rising interest rates may cause up to a 3 percent reduction in the average US (re)insurer’s book value by the first half of the year, analysts at Morgan Stanley have warned.

Investment analysts at Morgan Stanley have cut their rating on recently merged St Paul Travelers, after revealing concerns that the group’s environmental exposures will lead to a $650mn fourth quarter 2004 pre-tax reserve charge.

Oil giant Royal Dutch/Shell looks set for a courtroom clash with angry shareholders after 27 directors and officers of the company were named in a lawsuit filed in the US by law firm Lerach Coughlin Stoia and Robbins LLP in relation to the recent oil rese

Serial disposer Royal & SunAlliance (R&SA) has announced the sale of the life and pensions divisions of its subsidiary Codan. R&SA, which owns 71.7 percent of Codan, said the sale would be to Danish life insurer SEB Trygg Liv and would net an estimate

Figures point to lower than expected softening on rates An upbeat trading statement from Lloyd's specialist insurer Kiln provided the impetus to a more than 7 percent share price rise last week after the company said premium rates were holding up bett

UK BPO specialist Xchanging has announced that it will move all its operations to 34 Leadenhall Street, replacing its current three office locations.

Lloyd’s liability start-up Illium Syndicate 4040 announced last week (25 June) that it had added the experience of former BR Smith Syndicate 45 claims manager John Craig to its stable.

Lloyd's has undergone an impressive turnaround since September 11 and results are likely to remain strong through 2004, Marsh-owned reinsurance broker Guy Carpenter has concluded in its latest overview of the London insurance market.

June has become a fertile month for catastrophe bonds with at least three $100mn+ contracts either signed or close to fruition.

Lap dancing group Spearmint Rhino is in dispute with German insurer Allianz for non payment of claims, Insider Week has learned, with legal teams representing both companies appearing in London’s Royal Courts of Justice last week to agree a timetable for