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November 2002/1

  • Hardy Underwriting Group (HUG) has acquired a 13.3 percent share in fellow Lloyd's listed vehicle Atrium Underwriting. HUG paid £4.85mn cash for 6.47mn ordinary Atrium shares.
  • The future of Trenwick's Lloyd's operations was given a boost by the news that Berkshire Hathaway will increase its support for the 2003 year.
  • Heath Lambert Fenchurch has sent the strongest signal yet that it plans to return to the public markets next year after its pulled summer IPO by changing its financial year-end. The world's 7th largest broker is changing its year-end from 31 March to come
  • In contrast to many of the stretched European (re)insurers, the Bermudian carriers are benefiting from the ripe conditions as they expand their international profiles
  • Allegations in a lawsuit filed against Mutual Risk Management suggest it has offered $100mn to the Pennsylvania Insurance Department for the settlement of all claims relating to its defunct subsidiary Legion Insurance.
  • Laptop examines an under-used section of the Lloyd’s Act that could give capital providers redress against mismanagement and negligence
  • Further woes for troubled insurer as SEC investigation follows class action suits CIGNA, the distressed US employee benefits giant currently defending class action suits over alleged violations of the Securities Exchange Act, is now being investigated
  • R&SA and Syndicate 45 sued by T&N; Hartford sued by Western MacArthur; and Chubb takes $625mn hit as claimants target non-product liability coverage.
  • The future of (re)insurer Sirius International is uncertain after its parent revealed its 2002 earnings will be less than expected.
  • SCOR’s longstanding chairman and ceo Jacques Blondeau has paid the price for the reinsurer’s miserable results and rating downgrades by resigning from the group. Last month SCOR, the world’s 8th largest reinsurer, issued a profits warning and predicted
  • The feud between Aon and its Chicago rival Near North Insurance Brokerage reached a new intensity last month when Near North consolidated its allegations against Aon and some of its employers for civil conspiracy, cyber crimes and breaches of trade secret
  • London's rapid retreat from US Directors’ & Officers’ coverage has begun to look like total capitulation after the withdrawal of Faraday and the departure of a leading AIG underwriter within days of each other.