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March 2002/1

  • Dramatic testimony at the Royal Commission hearing into the collapse of Australian insurance company HIH has exposed the "accounting shortcomings" of HIH surrounding its 1998 acquisition of FAI Insurance.
  • Rating agency Standard and Poor's has placed the triple-A ratings of all State Farm operating entities on CreditWatch with negative implications.
  • Berkshire Hathaway's insurance operations violated the ‘Noah’ rule in losing $4.1bn in 2001, according to Warren Buffet's typically folksy letter to Berkshire Hathaway's shareholders.
  • AIG's legendary leader Hank Greenberg reassured shareholders that the company's recent announcements over directors and officers exposures related to the need for higher rates, rather than an indication of a problem.
  • Lloyd's chairmen to leave early? With the Lloyd’s chairman taking a month-long honeymoon in New Zealand, there are plans at foot to replace him by the Summer.
  • As the Royal Commission in Sydney Australia continues to take evidence in to the collapse of the 2nd largest domestic Australian insurance company HIH, The Insurance Insider can reveal that its subsidiary FAI was writing PA LMX business via a quota share
  • Wellington plans to offer Lloyd's Names shares in the insurer to persuade them to agree to the formation of a new FSA regulated insurance company.
  • Over 100 of Aon clients face laddering suits that could hit directors and officers and financial institutions insurers Aon’s enthusiasm for US financial institutions cover in the late nineties is reflected by their clients exposure to the morass of lad
  • Markel International was downgraded by rating agency Fitch after its parent posted a $70mn charge. Fitch Ratings commented, "Markel International's operating performance and capitalization do not support the current ratings." The agency subsequently lower
  • A further sign that rate increases is not a universal panacea for the industry's ills occurred with the announcement that German industrial insurer and reinsurer has been put up for sale by its owners Deutsche Bank and Rolf Gerling. The move followed two
  • Canada Life, one of the leading Canadian life insurers, has taken a provision of $70mn, net of tax, related to expected claims arising from the September 11 terror attacks. The company's gross exposure to Sept. 11 claims are estimated at $606mn. This prov
  • A legal dispute between Westfield, owners of the retail area of the World Trade Centre, and Zurich Insurance over supplementary cover has been voluntarily dismissed with both sides agreeing to resolve their differences in a mandatory arbitration hearing.