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June 2005/4

  • Although ratings agencies agree that a serious threat to Lloyd's stability from an Equitas collapse is unlikely in the short-term, recent rumblings in response to possible asbestos reforms in the US have once again highlighted the fragility of the...
  • Insurer AIG continued to feel the full force of US regulators' ire this month with further fallout from recent investigations into its use of finite reinsurance.
  • Despite boosting asbestos reserves by £167mn, Lloyd's pre-1993 run-off vehicle Equitas heralded a year of progress which has left it in a stronger financial condition as it announced its financial results for the year ended 31 March 2005 early this month.
  • Interim judgement reveals Plumeri's involvement in legal controversy.
  • Leading (re)insurance brokers Willis and Guy Carpenter both released reports praising recent progress at Lloyd's in what was a challenging year for the industry.
  • In its recent global annual report and accounts, world's oldest insurance market Lloyd's published a £1.19bn profit for the 2002 year of account based on the three-year accounting method, earned on net premiums of £7.6bn and boosted by £510mn gross...
  • Heath Lambert's chief executive Adrian Colosso strikes an unlikely pose as a latter day Karl Marx, but that may need to be rethought in the light of last month's developments at the UK headquartered firm.
  • Brit Insurance Holdings has replaced Collins Stewart as its joint house broker and corporate adviser, only days after the stockbroking firm's chief executive became embroiled in a war of words with the Association of British Insurers (ABI).
  • MMC's wholesale arms Price Forbes and Crump are likely to be the only significant units spun-out of the broking giant, the company confirmed this month.
  • A second senior executive at Berkshire Hathaway's reinsurance subsidiary General Re pleaded guilty this month to charges of criminal conspiracy brought in relation to the company's transaction with American International Group (AIG).
  • After protracted negotiations, the stakes are being raised in the dispute over the requirement for non-US, or alien reinsurers, to stump up onerous collateral payments for business written in the states.
  • Litigants in Aon 77, the long running energy reinsurance dispute, have been granted leave to appeal, The Insurance Insider has learned.
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