October 2003/3

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.

Swiss reinsurer Converium has unveiled a new organisational and financial reporting structure, together with a management shake-up.

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.

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.

Reinsurance spin-off Aspen Re has appointed bankers Credit Suisse First Boston and Goldman Sachs to advise on a possible $1bn+ US listing, according to sources.

Royal & Sun Alliance will be hoping for a quiet few days after last week’s double whammy of PR hits.

$550mn start-up hit by breach of contract ruling The Quanta start-up story took a new turn last month when it emerged that Thomas F. Taylor, a former CNA executive vice president of property and liability, who was to head up the E&O operation at Quant

In the week that CNA announced the exit of its under-performing reinsurance business CNA Re, its former head Bill Adamson is promoted to replace Peter Scanlan as the head of RK Carvill’s US arm, Carvill America Inc.

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.

CNA Financial Corporation became the latest insurance Group to exit reinsurance last week when revealing that it has sold the renewal rights, together with much of its under-performing reinsurance book, to Folksamerica Reinsurance Company, a unit of Bermu

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.

Things went from bad to worse for GoshawK last week when ratings agency Moody’s downgraded Syndicate 102’s performance rating and delivered a downbeat assessment of its future prospects.