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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.
  • 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.
  • Royal & Sun Alliance will be hoping for a quiet few days after last week’s double whammy of PR hits.
  • 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.
  • 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.
  • MBIA, RenaissanceRe, Koch Financial and PartnerRe announced last week that they were preparing to create a new Bermuda-based financial guaranty reinsurance company.
  • 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).
  • 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.
  • 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.
  • German insurance companies are set to enjoy substantial tax breaks, the German finance ministry has confirmed.
  • 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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