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November 2002/1

  • Laptop examines an under-used section of the Lloyd’s Act that could give capital providers redress against mismanagement and negligence
  • 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.
  • Aon reports impressive 18 percent organic growth but cuts dividend, cancels Combined spin-off and reveals $500mn pension short-fall Aon's recent predilection for the dramatic continued last week when it revealed better than expected third quarter resu
  • 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.
  • As Hannover Re expands rapidly, the reinsurer’s balance sheet looks increasingly taut Premium growth for the first six months of 2002 soared by 32 percent for Hannover Re, the world's 5th largest reinsurer. However instead of being a cause for celebra
  • 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
  • A Serb and two Germans reflect the international flavour of Faraday's senior management, after the departure of the group's former chief executive Nigel Barton last month.
  • 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.
  • Newman, Martin & Buchan Ltd, the Lloyd's energy reinsurance broker, has rejected a surprise takeover bid from Aon. According to market sources, NMB's chairman and cofounder Gordan Newman flew to Aon's Chicago headquarters recently to meet with Pat Ryan, t
  • The future of (re)insurer Sirius International is uncertain after its parent revealed its 2002 earnings will be less than expected.
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