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.

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.

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.

As the multi billion dollar one-event-or-two 9/11 dispute rumbles on, the clamour for an out-of-court settlement grew last week, with World Trade Center (WTC) leaseholder Larry Silverstein admitting he may be prepared to reopen talks with insurers.

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

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

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

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.

Embattled insurer Royal & Sun Alliance (R&SA) is to withdraw from writing offshore energy business Insider Week can reveal.

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.