November 2004/2

Liability claims costs the world-over are on the rise, according to the latest Sigma report from Swiss Re.

Guy Carpenter has appointed Bill Henriques from embattled reinsurer Converium as a senior vice-president in its Professional Liability Specialty Practice.

Independent broker BMS International Intermediaries Ltd revealed last month that it had bolstered their marine reinsurance operations with the capture of a four-strong team from Arthur J Gallagher UK Ltd.

Zurich Financial Services (ZFS) has confirmed the sale of the UK branch of Turegum Insurance Company to Harper Holdings, a wholly-owned subsidiary of Castlewood Holdings Limited.

Rating agency Standard & Poor's has raised its Lloyd's Syndicate Assessment (LSA) on Chaucer Syndicate 1084 to '3' from '3-'.

Rating agency AM Best has affirmed the "A" (Excellent) financial strength rating of Aspen Re and assigned an issuer credit rating (ICR) of “a” to the company. In addition, AM Best affirmed the “bbb” ICR of Aspen Re parent, Aspen Insurance Holdings, along

Rating agency AM Best has affirmed the “A-” (Excellent) financial strength rating of Olympus Re, and removed the rating from under review. In addition it assigned an issuer credit rating of "a-" to the (re)insurer, assigning both ratings a stable outlook.

Faced by a softening product market, US retail brokers are increasingly turning to aggressive acquisition strategies to achieve revenue and profit goals, according to the latest report from investment banking firm WFG Capital Advisors.

Hurricane Jeanne, the final major hurricane of the 2004 season to hit the State of Florida is expected to cost property/casualty insurers in the region of $3.245bn, according to the latest estimate from ISO’s Property Claim Services (PCS) unit.

As third quarter results begin to filter through from US and Bermudian property casualty (re)insurers, the full impact of the season’s quartet of hurricanes is becoming clearer, with interim results hit hard across the board.

Lloyd’s insurer Beazley announced a £105mn Rights Issue today (1 November) with the lion’s share directed to support the additional risk-based capital requirement fuelled by its increased participation on its Lloyd’s Syndicates for the 2005 year.

Eliot Spitzer gave further indication last week that he is looking for Marsh to disgorge a significant proportion of its Placement Service Agreement revenues as settlement for the civil action filed against the broker on 14 October.