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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.
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