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November 2001/1

  • CNA Financial Corporation has reported a third quarter net loss of $155mn. The group's net loss in the current quarter is due primarily to an estimated loss of $304mn after-tax ($468mn pretax), net of reinsurance, from the 11 September attacks and related
  • The recent Aneco judgement increases brokers' liabilities in the event of negligent advice. Tim Brentall of Elborne Mitchell argues the decision is flawed. There was once a successful barrister who would occasionally advise his clients thus: “I have re
  • The third capacity auction saw prices fall as Names withdrew support for syndicates The third, delayed, Lloyd's syndicate capacity auction reflected the turmoil within the Lloyd's market. A total of £364.8mn of capacity was traded at an average price o
  • Copenhagen Re, (Cop Re) a popular source of non-marine reinsurance for Lloyd's Syndicates, has been the subject of another ratings action by Moody's. Following the 11 September attacks Cop Re announced net losses in the range of $20mn to $32mn.
  • Trenwick Group Ltd has reported its third quarter 2001 results, blaming the 11 September attacks for the downturn. For the first nine months of the year the group reported an overall loss of $128mn, although premium incomes were up (gross $1,061mn and net
  • According to a Lloyd's regulatory bulletin, the former chairman of broker Bannerman Slayden Cater Ltd Vincent Slayden was found guilty in absentia of “two charges of discreditable conduct” by a Lloyd's disciplinary tribunal after “failing to serve a defen
  • German insurer Allianz blamed increasing business interruption claims as it increased its estimated net exposures to the WTC attacks.
  • Accompanying the gloom of the 11 September events was the message from one members’ agent that “the status of Private Capital at Lloyd's has never been better”. On the other hand, Robert Hiscox was not slow to predict the demise of that same capital base
  • The London market consortium Global Aerospace Underwriting Managers is believed to have led the coverage on the American Airlines plane that crashed into New York on the 13 November.
  • According to market sources, Aon placed a business travel lineslip into the London market which, in addition to covering employees while on corporate travel, had a terrorism rider extending coverage to all employees victim of a terrorism attack. Aon origi
  • Valuations improve but insurers remain nervous of equity issue While the quoted Lloyd’s insurers have begun to claw back their valuations which were devastated by the 11 September attacks, their reluctance to raise funds via equity issues reflects the
  • Michael Carpenter, the former Managing Director of Limit, has led a buy-out of struggling Lloyd's insurer Alleghany Underwriting Ltd, in a deal struck by former Equitas architect Heidi Hutter. The buy-out, which ends Alleghany Corporation's involvement wi
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