October 2004/2

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.

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.

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.

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.

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.

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.

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.

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.