March 2005/5

Lloyd’s listed specialist underwriter Hardy Underwriting Group plc announced lower profits last Thursday (24 March) in line with its profits warning earlier in the month (Insider Week No 163), as windstorm losses and a potentially material financial insti

BP’s strategy of self-insurance will ensure that the liabilities arising from the deadly explosion at its Texan oil refinery last week remain largely with the oil giant.

Senior Marsh executives Peter F. Garvey and William A. Malloy are not the closest of friends – indeed their relationship is such that eyebrows were raised among Marsh insiders when they were promoted, amidst the maelstrom unleashed by Spitzer last year, t

Lloyd’s pre-1993 run-off vehicle Equitas announced today (29 March) that it has reached a comprehensive agreement to settle its largest direct asbestos exposure by paying $415mn into a settlement trust account.

Leading transport and logistics mutual TT Club beat 2004 premium growth, underwriting and surplus targets, and now boasts a solvency level it believes will lead it to regain its ‘A-’ rating from AM Best.

London-listed Bermuda-headquartered (re)insurer Catlin has widened its options in Europe by launching an FSA authorised operation Catlin Insurance Company (UK) Ltd (Catlin UK).

The drive towards digitalising claims in the London market received fresh impetus last Wednesday (23 March) with the news that four brokers and nine managing agents have signed up to use the new electronic claims infrastructure by mid-2006.

French reinsurer SCOR looks to have put the difficulties of 2003 behind it as it reported a return to profitability last week (24 March) and earned an upgrade from Fitch Ratings – despite record natural catastrophe losses in 2004 and a fourth quarter rese

American International Group chairman Hank Greenberg will formally part company with the insurance giant this week – only two weeks after agreeing to step down as the company chief executive.

Omega Underwriting Holdings plc has become the latest Lloyd’s insurer to go public after the successful placement of its shares on the Alternative Investment Market (AIM) of the London Stock Exchange today (31 March).

Standard & Poor's has lowered American International Group's prized credit, debt and financial strength ratings following revelations of the insurance giant's involvement in "inappropriate financial transactions".

German insurance giant Allianz has announced the promotion of Doug Pennycuick as the general manager of its London market arm, Allianz Global Risks UK.