March 2004/4

Judgment to examine whether excess of loss reinsurers can expect a 'duty of care' from direct insurers

Straight talking Willis supremo Joe Plumeri warned the London market that it must change its outlook to achieve consistency of returns, growth and earnings, as he enthralled his Lloyd’s library audience in last Wednesday’s (10 March, 2004) Insurance Insti

Ratings agency Moody’s last Friday (12 March, 2004) downgraded SVB’s Syndicate 1007 from A1 to A2 after the Lloyd’s quoted insurer revealed further deterioration on its 2001 result.

Bermudian insurance group Arch Capital will capitalise on strong investor sentiment towards specialist (re)insurers by launching a public offering of 7,285,000 of its common shares.

Bermudian insurer ACE last week announced that Evan Greenberg would assume the role of CEO as of 27 May 2004. The move will see the replacement of current ACE chief Brian Duperreault, who, ACE said, will remain as chairman.

WTC leaseholder Silverstein Properties and world’s largest reinsurer Swiss Re have been in court in recent weeks to decide whether the 9/11 attacks amounted to one event or two.

Heath Lambert Group has confirmed that it will sell its Sydney based Australian insurance broking business, Heath Lambert Australia, to rival brokers Marsh.

Nine intense typhoons and 17 typhoons are predicted for the forthcoming Northwest Pacific typhoon season according to the latest forecasts from the Tropical Storm Risk (TSR) consortium.

Last year's trend towards lower aviation premiums is unlikely to last beyond the start of 2004, according to new research published by brokers Aon.

Amlin was the latest Lloyd’s insurer to post bumper profits on the back of the hard market when it announced a combined ratio of 83 percent (against 95 percent in 2002) and a 31 percent increase in gross written premium to £937.4mn for its 2003 year-end r

Bermudian insurer PXRE announced last week (10 March) a strategic reorganisation of its underwriting and support operations which will see a 10 percent reduction in staff and estimated cost savings of some $2.7mn for the remainder of 2004 and some $4mn in

Recently floated reinsurer Alea Group Holdings Ltd became the latest carrier to trumpet the current strong trading conditions by unveiling a falling combined ratio and growing underwriting profits.