October 2003/4

Equitable Life decision may increase UK D&O demand

French President Jacques Chirac has weighed into the row over Credit Lyonnais’ allegedly fraudulent acquisition of failed US insurer Executive Life, saying his government will still work with US authorities to resolve the dispute despite its rejection of

Swiss Re downgraded to A+ by AM Best

XL Capital will take a $184mn pre-tax ($160mn post-tax) charge in the third quarter to bolster its US casualty reserves, the insurer revealed last week.

An irregular section that looks at memorable quotes.

Distressed German insurer Gerling has boosted its equity base to €450mn after a group of German businesses and investors injected €150mn into the group in exchange of 30 percent of the company’s equity.

Ratings Agency Fitch Ratings has maintained its B- financial strength rating on cash strapped Bermudian reinsurer ESG Re with an ongoing outlook of negative.

US property casualty giant Travelers has weathered heavy casualty losses to book record operating profits of $442.7mn, up 23 percent from the $360.1mn recorded in the third quarter of 2002.

Lloyd’s insurer Beazley had its AM Best A (excellent) financial strength rating affirmed last week on its two Syndicates, 623 and 2623.

Aon Re has announced the management structure for its new global accident, health and life reinsurance team.

Munich Re has confirmed that the capacity of its Watkins Syndicate will rise slightly to £230mn for 2004, an increase of £5mn on last year’s total.

Subsidiaries of SCOR owned Commercial Risk Partners (CRP) were dealt a downgrade by ratings agency AM Best last Wednesday over capitalisation fears.

Followers of US tort reform developments were teased last week with the prospect of a real breakthrough, as Republican Senator Bill Frist stepped in to rescue stalling asbestos talks, negotiating a new deal between insurers and industrial defendants over

Munich Re, the world's largest reinsurer, announced last week that it will launch one of the largest ever reinsurance rights issues, worth at least €3.8bn (£2.6bn).