June 2004/6

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.

Michael Segal, the colourful founder of Chicago based Near North Insurance Brokerage Inc, was imprisoned last week following his conviction on multiple counts of mail fraud, wire fraud, tax conspiracy and racketeering.

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

Despite previously describing the Californian workers’ compensation sector as “crazy”, Berkshire Hathaway has agreed to replace Everest Re as the carrier on Acacia Pacific Holdings’ California Workers Compensation Program.

Recently floated Bermudian (re)insurer Alea revealed last week that CEO Dennis Purkiss will step down from the executive board at the end of June, with group president and COO Mark Ricciardelli taking the reins.

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

Shares in UK brokerage Jardine Lloyd Thompson (JLT) hit a three-year low last week on fears that the company’s profits would be hit by weaker than expected reinsurance volumes.