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March 2002/1

  • SCB's expensive Odyssey The so-called Odyssey Re “spiral” trial, where Sphere Drake alleges fraud against Stirling Cooke Brown, former officers Nick Brown and Jeff Butler, managing agency Euro International Underwriters and its principals John Whitcomb
  • The 11 September terrorist attacks pushed QBE, one of Australia's few surviving international insurance companies, into an A$25mn loss for the 2001 year.
  • 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.
  • AIG has lashed out at one of its reinsurers in a strongly worded complaint filed in the US District Court of the Southern District of New York.
  • Rating agency Standard and Poor's has placed the triple-A ratings of all State Farm operating entities on CreditWatch with negative implications.
  • 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.
  • 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.
  • Embattled programme and captive manager Mutual Risk Management Ltd has raised $100mn in its fight for survival. The Bermuda based company's share price has collapsed from $5.42 to stand at 96 cents (7 March) after first delaying its 2001 results "to compl
  • 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.
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