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October 2004/2

  • Lloyd’s consolidation remains distant, says analyst GoshawK, the UK listed owner of Bermudian reinsurer Rosemont Re, is still prepared to discuss a take-over, despite ending talks with a buy-out firm last week.
  • Converium director Dr Jürgen Förterer resigned from the troubled reinsurer last week because the company’s new strategy will conflict with his position as head of German reinsurer, R+V Versicherung.
  • The announcement by Aon that its patriarchal chairman and chief executive Pat Ryan will step down may ignite speculation that the firm could undergo a significant overhaul.
  • Sandler and Fisher signed up by new London Market intermediary London market intermediary start-up Oxygen opens its doors for trading today (4 October) with the backing of an impressive array of investors and senior management, and a mission to attr
  • World's largest insurer AIG confirmed on Wednesday that one of its business units was now under criminal investigation by the US Department of Justice for alleged violations of federal securities laws.
  • US regulators are set to up the ante in their investigations of broker commission structures by broadening their scope to include possible criminal charges, Insider Week can reveal.
  • Aspen Insurance Holdings, the reinsurer spun-out of Lloyd’s based Wellington Underwriting in 2002, is gearing up its US business by injecting a further $200mn into its Bermudian arm, Aspen Insurance Ltd.
  • Fast-growing post-9/11 start-up Endurance has added to its US presence with the acquisition of the bulk of XL Re America’s surety reinsurance business through its US subsidiary Endurance Reinsurance Corporation of America.
  • Lloyd’s insurer Atrium announced strong half-year results last Tuesday, and revealed underwriting plans for next year that will see it shift the focus away from its third party underwriting portfolio towards its managed syndicates.
  • Morgan Stanley insurance analyst Bill Wilt applauded ACE Ltd’s decision to provide further disclosure on its reserves by publishing its global loss triangles.
  • Lloyd’s director of Worldwide Markets Julian James has fired a warning to the insurance industry that it faces serious financial consequences if it fails to reverse its “pretty appalling” public image.
  • The second phase of the World Trade Center insurance coverage trial is now scheduled to begin on 12 October in New York, after being postponed last week.
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