November 2006/2

Bermudian-based energy mutual Oil Casualty Insurance Ltd (OCIL) was stripped of its key A- rating by Standard & Poor’s (S&P) on 6 November.

American International Group (AIG), the world’s largest insurance company by value, was the latest firm to unveil strong third quarter results on the back of a benign 2006 claims environment.

Fears that the insurance industry would find itself penalised in the US courts if they declined Hurricane Katrina related payments were again soothed last week when a federal judge said State Farm should not have to pay more than a policyholder’s actual l

Resurgent UK insurer Royal & Sun Alliance (R&SA) reported steady third quarter earnings with a group combined operating ratio of 93.1 percent and an operating result up 21 percent to £590mn (analysts’ consensus £592mn).

A High Court judge dismissed a class-action lawsuit brought by Lloyd’s Names against the UK government for the financial losses that hit them during the 1980s and 1990s on 9 November.

The Financial Services Authority (FSA), the UK regulatory body, has approved the sale of run-off (re)insurer Chevanstell to an investor group little more than two months after the deal was first announced.

The trial of the ‘Independent Three’ former directors of the collapsed UK insurer Independent Insurance, has been set down for 14 May 2007 at Southwark Crown Court, according to the Serious Fraud Office.

Novae Syndicates Ltd, Novae Group plc’s Lloyd’s platform, maintained unchanged forecasts on its managed syndicates for 2004 and 2005 and the 2002 run-off years last week.

The legal wrangle surrounding contract wordings for the electronic claims file (ECF) has been resolved as the Market Reform Group (MRG) has reached agreement with key market bodies on the procedural rules which will underpin the use of the Insurers' Marke

Despite a solid set of third quarter results from Converium, and the news last month that it had successfully offloaded its US liabilities in a deal with Berkshire Hathaway, analyst William Hawkins of Keefe, Bruyette & Woods remained cautious over the Swi

Expanding Italian (re)insurance giant Generali last week (9 November) reported consensus beating third quarter earnings of EUR538mn that were 23.1 percent up on the prior-year period.

Zurich Financial Services (ZFS) has appointed the head of Royal Bank of Scotland (RBS) Insurance Annette Court to become the chief executive of its European General Insurance operations.