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.

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.

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

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

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

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

The Lloyd's insurer plans to raise £150mn when it goes public on the 12 November Beazley, the Lloyd's insurer, has abandoned plans to form a Bermudian operation when the company goes public next week in a £150mn issue.

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

Former QBE underwriter joins the mysterious Lloyd’s based MGA RISK Andrew Lothian, the former QBE underwriter who was considering launching a start-up operation with his former colleague Bob Grant, is to join RISK, the Lloyd's based managing agency he

In a further development in the legacy of Fortress Re, Deloitte & Touche, the auditors of their Bermudian registered reinsurer Carolina Re, are attempting to prevent the liquidators from deposing five of their staff, including two based in Bermuda.