October 2003/3

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.

MBIA, RenaissanceRe, Koch Financial and PartnerRe announced last week that they were preparing to create a new Bermuda-based financial guaranty reinsurance company.

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.

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.

Financial Institutions professional liability, a sector that has been decimated with higher than expected claims and coverage disputes in recent years, is to receive a new policy wordings form, courtesy of the Lloyd’s Market Association (LMA).

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

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.

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

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.

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.

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.