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November 2004/6

  • Despite heavy losses from the devastating round of North Atlantic hurricanes and Japanese windstorms that swept through the third quarter this year, European and Bermudian reinsurers stood firm with balance sheets surviving largely unscathed, according to
  • Controversy refuses to die down as policyholders lobby for $4bn settlement Almost a year after Insider Week’s sister publication The Insurance Insider first reported an initial settlement (see December 2003), the interminable dispute over the 1991 tak
  • Questions have again been asked about the long-term viability of Canadian holding company Fairfax Holdings, this time in relation to its finite reinsurance arrangements.
  • AIG announced last week (23 November) that it has reached an $80mn preliminary settlement with the US Department of Justice (DOJ), and submitted a settlement offer to the Securities and Exchange Commission (SEC) that will see it pay $46mn into a disgorgem
  • Lloyd’s insurer Kiln has announced increased capacity for 2005 and stable or improving forecasts for open years for all four of its managed syndicates.
  • Lloyd’s insurer SVB announced updated forecasts for its Syndicates today (29 November) revealing further deterioration on the troubled 2002 year, which soaked up £8.1mn of the £103.6mn loss provision it set up at 30 June 2004 to contend with its discontin
  • The National Association of Insurance Commissioners will host a public hearing later this week to consider comments on its proposals to toughen up brokers’ disclosure requirements on commissions.
  • Willis plays aggressive independence card Willis Group, the global insurance broker tipped by many to benefit from the Spitzer fall-out, has been aggressively marketing itself as a non-conflicted alternative to the mega-brokers Marsh and Aon.
  • Lloyd’s insurer Amlin announced last Wednesday (24 November) that it has restructured its debt, raising $50mn in subordinated debt and signing a new £30mn ($57mn) 12-month term loan facility with Lloyd’s TSB, replacing its existing $90mn Letter of Credit
  • We document the latest developments in the regulatory investigations into broker remuneration practices, sparked by the New York attorney general’s 14 October complaint against MMC
  • World number two broker Aon predicts a cautious approach from P&I clubs to 2005 renewals as ongoing concerns over increased claims levels and indifferent investment returns impact negotiations.
  • Lloyd’s insurer Chaucer announced today (29 November) it had hired a new international binders underwriting team for the property division of its Syndicate 1084, with William Alderton at the helm.