November 2003/3

Lloyd’s announced last Friday (7 November) that use of the LMP slip will be mandatory from the beginning of 2004, a move backed by the major market associations and heralded as the crucial first step to streamlining backward business processes.

XL Re Europe announced last week the opening of its Paris underwriting office. The office will underwrite non-life business in France, Belgium and Luxembourg, and will be headed up by the current head of the company’s property department Jeremy Hindle.

National Association of Insurance Commissioners (NAIC) president Mike Pickens has advocated modernisation of state insurance regulation in the US, but baulked at suggestions that power should be taken away at the state level, as some have suggested with p

Mutual fund hit by lawsuits, client withdrawals, ratings downgrades

Berkshire Hathaway posted a 58 percent increase in third-quarter earnings including investment gains last Friday (7 November).

Fitch Ratings upped the stakes in its robust stance with reinsurers last week when it questioned the motives behind the latest round of capital raising.

Sirius International – the Swedish insurer long suffering under the weight of parent ABB Group’s troubles – will be rescued in an acquisition planned by broker market US reinsurer Folksamerica.