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  • A lawsuit filed by Madoff-hit Greenwich National Bank and several other investment institutions seeking to compel US insurer Travelers and its subsidiary, St Paul Mercury Insurance Company, to pay defence costs for underlying lawsuits has been dismissed.
  • Zurich Financial Services and Travelers have added an additional $286mn to the property and casualty (industry's Chile earthquake total, with loss estimates of $200mn and $86mn respectively.
  • The problems at the troubled California State Compensation Insurance Fund (SCIF) grew earlier this month with the revelation that its auditors want the Fund’s reserves boosted by $800mn. Already embroiled in an increasingly acrimonious dispute with the St
  • With losses estimated as high as £2bn, London Market insurers and reinsurers are alleging fraud and misrepresentation. George Bernard Shaw once turned down Sam Goldwyn’s offer of script writing by saying: “The trouble, Mr Goldwyn, is that you are only
  • General Electric Co (GE) has lost a 10-year battle with insurers over payments relating to thousands of asbestos claims.
  • Lloyd’s listed insurer Hiscox last week (21 June) described rates as “strongly profitable”, despite more competitive conditions, but said that it is likely to reduce capacity on its Syndicate 33 for next year, from £775mn to £650mn.
  • Another ‘carve-out’ scandal unravels as CNA alleges mispresentation to rescind retrocessional contracts What is it about the accident and health market that keeps it in the headlines? With the Unicover workers compensation debacle still fresh in me
  • Days before Lloyd’s is due to publish its 2004 Global financial results, ratings agency Moody’s has predicted that Lloyd’s is likely to produce a profit of £1.2bn – the equivalent of 9 percent of capacity – this year.
  • Only a month after Lloyd’s unveiled an ambitious three-year strategic plan, the Corporation has parted company with its head of business strategy as of last week. Since joining Lloyd’s in 2003, Stuart Degg led the development of Lloyd’s...
  • Reinsurance giant Munich Re has been downgraded by a number of stockbrokers, including London-based Jefferies International and Execution Noble, over its exposure to the sovereign debt of Portugal, Italy, Ireland, Greece and Spain (PIIGS), especially through covered bonds.