October 2003/3
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European multinationals could access more favourable terms and conditions on their property insurance if they shopped beyond their domestic market, according to a report published last week by broker Aon.
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The expansive insurance group Brit announced this week that it has acquired renewal rights to the property insurance portfolio of Creechurch Underwriting, the small Lloyd’s insurer.
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It seems that legislation to bring in an asbestos trust fund to compensate victims and end expensive lawsuits will stay log-jammed in the Senate after insurers refused to compromise on the contributions they would have to make.
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Royal & Sun Alliance will be hoping for a quiet few days after last week’s double whammy of PR hits.
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Ratings agency Standard & Poor’s has responded to criticism of its recent reinsurer downgrades, explaining that poor long-term profitability, and not just a lack of capital adequacy, was the catalyst for its actions.
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Credit Lyonnais chairman resigns over Executive Life scandal Jean Peyrelevade, the chairman of French banking Group Credit Lyonnais, has resigned following the Executive Life Insurance Company scandal.
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MBIA, RenaissanceRe, Koch Financial and PartnerRe announced last week that they were preparing to create a new Bermuda-based financial guaranty reinsurance company.
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Claims management and outsourcing firm Xchanging unveiled a new way of dealing with claims last week when it opened its Claims Office of the Future on the sixth floor of the Lloyds building.
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Californian firm Risk Management Solutions (RMS) announced that it has undertaken risk analysis for a bond covering football’s global governing body FIFA for cancellation of its 2006 World Cup in Germany.
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German insurance companies are set to enjoy substantial tax breaks, the German finance ministry has confirmed.
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American International Group (AIG) announced last week that it had agreed to buy a 9.9 percent stake of Chinese insurer PICC Property & Casualty for between $200mn and $300mn.
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White Mountains is reportedly preparing to scale up its presence in Bermuda, with plans to shift as many as four of its subsidiaries to the island.
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