May 2004/5

Hugh Stevenson, the chairman of the Lloyd’s run-off vehicle Equitas, is set to join the Financial Services Authority (FSA) as a non-executive director.

Outsourcing outfit Capital Group announced last week that it had tied up a deal with Winterthur Life UK which positions it as the number one business process outsourcing (BPO) operator in the open book life and pensions market.

The chief financial officer of Swiss Re’s Americas division is taking a US strip club to court alleging it overcharged him for a night on the town.

Lloyd’s insurer Kiln has acquired a 25 percent stake in South Africa’s International Marine Insurance Managers (International Marine).

In contrast to barnstorming Q1 results for US and Bermudian (re)insurers, European carriers enjoy a mixed first quarter with some showing a more subdued uplift from hard market conditions.

World’s largest insurer AIG announced last Wednesday (19 May) that it had raised its quarterly dividend by 15 percent from 6.5 to 7.5 cents a share, the third increase in the last year.

Royal & Sun Alliance’s (R&SA) proposal to change terms and conditions on a EUR500mn bond to keep it in line with qualification requirements for regulatory capital with a group solvency test will not affect the rating of the debt, said Standard & Poor’s in

State-backed French reinsurer Caisse Centrale de Reassurance (CCR) had its AM Best rating upgraded last week from A (Excellent) to A+ (Superior) with a stable outlook.

Ratings agency Moody’s has withdrawn its rating on the American arm of bankrupt Bermudian reinsurer Trenwick.

Strong first quarter results at US reinsurer Odyssey Re prompted Moody’s to place its Baa1 insurance financial strength ratings on review for possible upgrade.

Despite the risks of criminal proceedings, over 717,000,or 58 percent, of UK businesses have failed to carry out an asbestos assessment on their business premises, according to research commissioned by law firm Davies Arnold Cooper (DAC).

The fronting insurer of Spanish football club Atletico Madrid failed in its attempts to overturn a decision in the UK Courts which allowed London market contingency underwriters to void coverage relating to the side’s relegation in 2000.