October 2003/3

As another Republican stepped in to try and rescue stalling asbestos reform, ratings agency AM Best released a report estimating that US property/casualty reserves still fall short by nearly 40 percent.

California Insurance Commissioner John Garamendi wasted no time last week in getting Governor-Elect Arnold Schwarzenegger on side in his quest for workers’ compensation reform.

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.

As toxic mold, leaded paint and other liability nasties vie for the crown of “the next asbestos”, a new challenger has entered the fray – toxic-chemical exposure in the high tech electronics industry.

Beleaguered Lloyd’s insurer GoshawK was dealt another blow last week as ratings agency Standard & Poor’s followed Moody’s and downgraded Syndicate 102 by another notch, questioning its ability to trade forward into 2004.

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