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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.
  • 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
  • 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.
  • CIGNA & Lincoln National take charges after arbitration ruling hits pool members The long awaited outcome of the arbitration between Unicover pool participants and their retrocessionaires ended on the 9 October 2002 with a settlement in favour of the
  • 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
  • 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.
  • Losses from the collapsed Aon 77 energy lineslip to be contested in the High Court with the Central Fund and Aon’s E&O insurers exposed to outcome Lloyd's Central Fund may be forced to pick up the losses from Aon's collapsed energy lineslip regardless
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