October 2003/3

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.

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.

$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

Benfield announced this week the creation of a terrorism reinsurance facility for all private insurers of property risks within the Swiss insurance market.

German insurance companies are set to enjoy substantial tax breaks, the German finance ministry has confirmed.

Despite disapproval from the South African government, US class action lawyer Ed Fagan is threatening a $100bn suit against Alexander Forbes and a host of other companies because of their alleged mistreatment of over 10,000 employees during the apartheid

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.

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.

Another spat between France and the US hit the headlines last week when it emerged that the French Justice Ministry had denied requests to extradite four Crédit Lyonnais executives in connection with the long running Executive Life dispute.

Connecticut based insurer WR Berkley filed last Friday to sell up to $750mn in debt securities, common and preferred stock and other securities.

US giant Hartford Financial Services Group said this week that it would miss analysts’ earnings forecasts because of higher than expected exposures to Hurricane Isabel and high litigation costs.