November 2001/1

English can often be misleading, so we have rustled up a guide to aid understanding to the minefield of Lloyd's business jargon. This month its the opaque business description “pecuniary loss”. Frustrated by being fed misinformation about the risks of

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

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

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.

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

Following its rival ACE, XL Capital announced plans to raise over $600mn through the sale of 7mn ordinary shares in the light of the improving rating environment.

The gloves are off as WTC insurers argue the attacks were one event and Silverstein acts to prevent ACE and XL Capital from pursuing a London arbitration The anticipated frenzy of litigation took at step closer to reality after Silverstein, the leaseho

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

German insurer Allianz blamed increasing business interruption claims as it increased its estimated net exposures to the WTC attacks.

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

While Bermuda attracts $8bn of fresh capital post 11 September, investors are less confident about backing the Lloyd's market While Bermuda basks in almost $8bn of new, post 11 September capital, Lloyd's insurers are scrambling around to ensure they ca