November 2004/4

Rating agency Moody’s has upgraded its performance rating on Imagine Underwriting Syndicate 994 to “C+ Below Average” from “C Below Average”, with a positive outlook.

Lloyd’s broker Agnew Higgins Pickering has announced the retirement of Chairman Tony Pickering.

Directors and employees of brokers Benfield have sold stocks worth £38mn as part of a placing of over 12 percent of the company's shares.

Aviation insurance rates continue to fall, according to the latest quarterly review from broker Aon, which compiles data on renewals.

Bermudian (re)insurer AXIS has announced the realignment of its organisational structure to, in its own words, “enhance the brand and operations of its insurance businesses and its reinsurance businesses globally”.

Lloyd's insurer Wellington has outsourced its procurement of external professional advisors to back-office specialist Xchanging.

Lloyd's announced on 10 November that it had successfully set terms for its £500mn subordinated debt issue after an extensive road show that took it to investors in the UK and continental Europe.

Royal & Sun Alliance (R&SA) released analyst beating interim results last Thursday (11 November) as its ongoing operations continue to prosper.

ACE announced today a reshuffle of senior executives at its Bermudian and European operations, with current ACE Bermuda president and CEO Andrew Kendrick moving back to London to take on the role of chairman and CEO of ACE European Group.

Another difficult week for Marsh and its parent company MMC, as it announced falling profits and 3,000 job losses.

As the fallout of New York attorney general Eliot Spitzer’s investigation into contingent commissions gathers pace, it emerged last Friday (12 November) that Connecticut’s attorney general Richard Blumenthal has now issued subpoenas to 42 insurers and ins

New York attorney general Eliot Spitzer said last Friday (12 November) that he expects the federal government to supercede states in the regulation of insurance companies, as he dismissed the current system as a failure.