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March 2005/5

  • 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.
  • More than 1,000 people are thought to have perished in the massive earthquake which struck a small island off western Indonesia yesterday – a mere 100 miles from the epicentre of the Boxing Day earthquake that left 280,000 people dead or missing across As
  • 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.
  • 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
  • But strong property casualty performance as reinsurer looks to hard 2005
  • 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.
  • 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
  • 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".
  • 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.
  • German insurance giant Allianz has announced the promotion of Doug Pennycuick as the general manager of its London market arm, Allianz Global Risks UK.
  • 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).
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