October 2007/5

The London market has missed its 60 percent third quarter target for usage of electronic claims files (ECF) by 15 percentage points, making the year-end target of 100 percent "more challenging", said the Market Reform Group (MRG) in a statement last week.

Munich Re's $1.3bn planned purchase of US primary insurer The Midland Company (Midland) met with caution from analysts last week.

Airline premium rates fell again this month - after a brief hiatus in August/September - according to the latest data from Aon Aviation.

Bermudian energy mutual Oil Insurance Limited is co-suing the US government over the flooding of a refinery during Hurricane Katrina.

Bermuda-based insurer Hiscox plc has continued to build on its international expansion with the launch of Hiscox Global Markets in New York.

David Stevens, COO of UK niche-branded insurer Admiral Group plc, has purchased £1.9mn of shares in the company, taking the director's shareholding in Admiral to 3.84 percent.

As predicted by The Insurance Insider in July, Liberty Syndicates - one of the largest Lloyd’s (re)insurers - has confirmed the appointment of Nick Metcalf as its new CEO.

Broking giant Aon Corp is being sued by a long-term client, Caterpillar Inc on charges of fraud and anti-competitive behaviour.

Thousands of jobs are under threat at UK household insurer Norwich Union after its parent, Aviva, announced £350mn of cost savings in the UK by the end of 2009.

The House of Lords upheld a Court of Appeal decision last week, ruling that employers are not liable to compensate employees who develop symptomless pleural plaques after exposure to asbestos.

Munich Re has launched a $260mn cat bond to cover earthquake risk for the East Japan Railway Company (EJRC) in a sign that insurance linked securities (ILS) demand remains undiminished by recent credit markets turmoil.

After decades of lobbying from the international (re)insurance community, one US state is spearheading new regulation that would remove collateral requirements for the highest rated foreign and non-New York reinsurers.