March 2005/5

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".

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).

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).

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

Bermudian giant ACE is looking to increase its activity in the emerging markets of Eastern Europe, with the news last Thursday (24 March) that it has received regulatory approval to begin underwriting commercial property casualty business out of its Polis

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

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.

HCC Insurance Holdings was praised today (29 March) by Raymond James & Associates Inc’s insurance analyst Greg Peters for both its operational performance and levels of transparency.

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.

The long awaited conclusions of the European Commission’s (EC) probe into alleged anti-competitive practices employed by aviation insurers in the aftermath of 9/11 were revealed last week along with a series of binding reforms to “promote competition and

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