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October 2004/4

  • Risk-based capital allocation models and better risk modelling techniques, together with improved underwriting discipline, have put the London market in a better position than ever before to counter the destabilising effects of the underwriting cycle, acc
  • The UK regulator Financial Services Authority has hinted that it may take a more robust approach over broker commissions in the light of Eliot Spitzer’s allegations against Marsh last week.
  • Spitzer is looking at Aon Re’s practices When Daniel J Popeo, chairman of the US think tank Washington Legal Foundation, complained to Eliot Spitzer about the activities of the global brokers on 10 February, the immediate attention was on so-called PSA
  • Swiss Re’s landmark London offices – affectionately known as The (Erotic) Gherkin – has been awarded the UK’s premier architectural award, the Stirling Prize.
  • UK headquartered broker JLT Risk Solutions has opened an office in Dubai’s International Financial Centre.
  • Reinsurance broker Benfield launched a new report devoted to the global D&O and Financial Lines last Wednesday (13 October).
  • UK general insurer Royal & Sun Alliance (R&SA) had its Standard & Poor’s (S&P) ratings outlook upgraded from negative to stable last week (12 October) as the agency recognised the company’s continued turnaround progress.
  • Dutch-based insurer ING Group today (18 October) announced that it is exiting its individual life reinsurance business in the US as it continues its strategy to focus on core business, and has signed a co-insurance agreement with Scottish Re to take on th
  • Fearsome foursome hit bottom line but Market still on track for estimated £1bn profit in 2004 Lloyd's this week confirmed that it was estimating a net loss of £1.3bn as a result of the four hurricanes to make US landfall this season.
  • $20bn wiped off AIG in one day; other insurers and brokers, as yet formally unrelated to investigation, see price declines as investors tar industry with the same brush Tens of billions of dollars were wiped off insurance stocks last week as investors,
  • Lloyd’s capped a year of success this week with the news that it would make its first ever foray into the international debt markets by raising £500mn of longer term subordinated debt.
  • Lloyd’s insurer Ascot announced plans last Wednesday (13 October) to set up a Paris operation to tap into continental catastrophe and risk business.