November 2003/5

Travelers Property Casualty Corporation became the latest insurer to announce positive news regarding a section of asbestos claims relating to statutory direct actions.

Liability start-up Illium announced last Friday a significant capital investment from Barbadian Imagine Group, and confirmed that FSA approval to underwrite through Syndicate 4040 at Lloyd’s had been granted.

The California Insurance Commission has confirmed that losses from the California wildfires could exceed $3bn.

Lloyd’s insurer Wellington has expanded its US operations with the recruitment of a ten strong accident and health underwriting team from Reinsurance Management Group.

There will be no significant insurance losses as a result of the terrorist attacks on the British Consulate and HSBC offices in Istanbul, Lloyd’s announced last week.

The “for sale” sign hoisted above GoshawK has been taken down, as the insurer revealed it has concluded the strategic review which began in July.

London securities house Collins Stewart Tullett has confirmed that one of its US employees was arrested by the FBI last week on suspicion of currency fraud.

Standard & Poor’s negative stance on the reinsurance industry was confirmed last week at the ratings agency’s European Insurance Seminar, held at London’s Gibson Hall on 20 November.

Bermudian reinsurer Everest Re has announced dividends of nine cents per share. The dividend will be paid on or before 19 December to all shareholders of record as of November 26, 2003.

Lloyd’s insurer Amlin plc has revealed that the 9 months claims ratio is even lower for 2003 than last year – indicating a minimum of two years of strong underwriting returns.

Acrimony between reinsurers and rating agencies flared again last week when embattled French reinsurer SCOR commented that its latest downgrade by Fitch Rating was “unfounded, ill-timed and causes serious damage to the Company”.

The steep rise in directors and officers insurance is forcing UK companies to seek alternative cover, according to a survey from the Association of Insurance and Risk Managers (AIRMIC).