November 2003/2

With investors still spooked by CIGNA’s $1bn mea culpa over its variable annuity death benefit losses last year, Converium addressed its guaranteed minimum death benefit (GMDB) exposures while revealing its third quarter results last week.

If a potential mediation fails, then February 2004 has been scheduled for the start of the World Trade Center dispute between the leaseholder, Silverstein Properties Inc, and various insurers led by Swiss Re.

GoshawK's Syndicate 102 has been placed in run-off following discussions with Lloyd's and the Financial Services Authority.

The downward ratings migration of major reinsurers continued last week with the AM Best reduction of Hannover Re’s financial strength rating to A from A+.

The devastation reaped by the Californian brushfires will be spread throughout the US P&C sector, according to analysis by stockbrokers Collins Stewart.