October 2005/2

Supporters of solvent schemes of arrangement have received a series of welcome boosts following July’s High Court refusal to approve the British Aviation Insurance Company (BAIC) scheme, citing concerns that some policyholders were not being given...

Cable & Wireless captive was ‘surrounded in secrecy and protected by lies’ Allegations of fraud, conspiracy and obfuscation were laid out in the Royal Courts of Justice earlier this month with opening submissions by telecommunications firm...

Kiln Underwriting has confirmed that it will write no further wind-exposed Gulf of Mexico (GOM) risks for the remainder of the 2005 hurricane season. In an interview with The Insurance Insider, Charles Franks, active underwriter on Syndicate 510...

The City of London police are conducting an investigation into allegations of fraud at Lloyd’s broker Besso Ltd after the company discovered irregularities in some client funds’ accounts, The Insurance Insider can reveal.

MMC’s London based wholesale arm Price Forbes is in advanced management buy-out talks, The Insurance Insider can reveal. The move follows New York attorney general Eliot Spitzer’s investigations into the industry which have led to MMC’s rivals Aon...

Lloyd’s members’ agency CBS Private Capital has decided to restructure its new investment fund Insurance Capital Partners (ICP) after failing to excite sufficient investor interest. Launched with much fanfair this summer, Insurance Capital Partners...

Solicitors administering the estate of a deceased Lloyd’s name have been ordered to refund over £140,000 in legal fees after the name was declared insolvent. The ruling, which could have wide-reaching consequences for solicitors, means that...

Giant insurer American International Group (AIG) has upped the ante in its increasingly acrimonious dispute with former chief executive Maurice "Hank" Greenberg, by taking legal action in an effort to seize $20bn of its own shares from his control...

Despite the estimated £1.4bn ($2.5bn) blow from Hurricane Katrina, Lloyd’s still expects to make a full year profit in 2005. This was one of the messages from Lloyd’s first ever interim results published 5 October which show a profit of £1.38bn for...

Energy losses as a result of Hurricane Rita are set to be much higher than initially expected according to industry experts. The storm, which at its peak reached category five, blew into the Gulf of Mexico (GOM) on 22-24 September, threading a path...

But legacy of past errors weighs on project’s future Former Cox CEO Michael Dawson has made his presence felt as acting chairman of Kinnect almost immediately, releasing a missive to the market on 4 October in which he lays out a new vision for the...

Shares in Bermudian insurer have dropped alarmingly by over 30 percent this month in the wake of substantial Katrina losses and poor results from the first-half of 2005. At the beginning of September shares in Goshawk were trading at over 36p on...