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The Insurance Insider 2005 London market survey
Contract certainty has finally become a "hot" industry subject. Indeed, while market practitioners have long-criticised the industry's inability to consistently issue policy wordings on time, more recently regulators on both sides of the Atlantic have bec
11 April 2005
Lloyd’s rides hurricane losses and Central Fund settlement
World’s oldest insurance market Lloyd’s announced annual profits for 2004 of £1.36bn, 28 percent down on the £1.89bn it booked in 2003. But in the light of net claims of £1.2bn from the devastating US hurricanes that hit the Caribbean and Florida last
11 April 2005
Willis agrees $50mn no-fault Spitzer settlement; creates client restitution fund
Following in the footsteps of its larger rivals Marsh Inc and Aon Corp, Willis has settled investigations into its business practices by New York attorney general Eliot Spitzer, the State’s acting insurance superintendent Howard Mills and Minnesota’s atto
11 April 2005
Kiln roars through 2004
Lloyd's specialist insurer Kiln posted record pre-tax profits of £38.1mn for 2004, an increase of 5 percent on 2003’s result. Gross written premiums rocketed by 17 percent to reach £313.5mn, but the company’s combined ratio rose to 86 percent against 2
11 April 2005
Miller becomes latest St Paul Travelers’ departure
T Michael Miller became the latest St Paul Travelers’ executive to lead the organisation suddenly – despite only been promoted two months ago into a new role. St Paul Travelers announced today (11 April) that Miller will join White Mountain Insurance G
11 April 2005
S&P: Memorable ‘2004’ retains stable outlook
Despite the hurricanes and regulatory investigations of the past year, ratings agency Standard & Poor's (S&P) said last week that it will maintain its stable outlook on the global reinsurance industry. It added, however, that there was a possibility of
11 April 2005
Wachovia expands insurance presence with Palmer & Cay acquisition
US banking giant Wachovia Corporation continued its strategy of growing its insurance presence with an agreement to acquire broker Palmer & Cay last week. Wachovia, which also owns a 40.86 percent stake in Lloyd’s broker Besso Holdings Ltd, will see it
11 April 2005
Inter Ocean sinks into run-off
Rating agency AM Best has cut its financial strength rating on Bermudian reinsurer Inter-Ocean Holdings Limited to B++ (Very Good) from A- (Excellent), following the company’s announcement that it has ceased writing new business and is now in run-off.
11 April 2005
Buffett and Greenberg face questions over $500mn transaction; Greenberg to plead fifth amendment?
US regulators will interview two of the States’ financial titans as they continue to probe a $500mn transaction between American International Group and Berkshire Hathaway’s General Re which AIG has recently admitted was “improper”. Officers from the
11 April 2005
Tiner reaffirms stance on regulation
Commissions and contract certainty under spotlight as Kinnect wins support John Tiner, chief executive of UK regulator the Financial Services Authority (FSA), has turned the spotlight once again on the hot topics of contract certainty and commissions.
11 April 2005
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