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S&P cuts AIG's prized ratings
Standard & Poor's has lowered American International Group's prized credit, debt and financial strength ratings following revelations of the insurance giant's involvement in "inappropriate financial transactions".
29 March 2005
Allianz Global Risks announces new UK General Manager
German insurance giant Allianz has announced the promotion of Doug Pennycuick as the general manager of its London market arm, Allianz Global Risks UK.
29 March 2005
Catlin launches FSA authorised operation
London-listed Bermuda-headquartered (re)insurer Catlin has widened its options in Europe by launching an FSA authorised operation Catlin Insurance Company (UK) Ltd (Catlin UK).
29 March 2005
Electronic claims progress quickens
The drive towards digitalising claims in the London market received fresh impetus last Wednesday (23 March) with the news that four brokers and nine managing agents have signed up to use the new electronic claims infrastructure by mid-2006.
29 March 2005
Hardy optimism unchecked by lower profits
Lloyd’s listed specialist underwriter Hardy Underwriting Group plc announced lower profits last Thursday (24 March) in line with its profits warning earlier in the month (Insider Week No 163), as windstorm losses and a potentially material financial insti
29 March 2005
HCC praised on disclosure
HCC Insurance Holdings was praised today (29 March) by Raymond James & Associates Inc’s insurance analyst Greg Peters for both its operational performance and levels of transparency.
29 March 2005
Thousand perish in Indian Ocean earthquake
More than 1,000 people are thought to have perished in the massive earthquake which struck a small island off western Indonesia yesterday – a mere 100 miles from the epicentre of the Boxing Day earthquake that left 280,000 people dead or missing across As
29 March 2005
Equitas settles largest direct asbestos exposure
Lloyd’s pre-1993 run-off vehicle Equitas announced today (29 March) that it has reached a comprehensive agreement to settle its largest direct asbestos exposure by paying $415mn into a settlement trust account.
29 March 2005
Greenberg leaves AIG replaced by Zarb; swipes at leak culture
American International Group chairman Hank Greenberg will formally part company with the insurance giant this week – only two weeks after agreeing to step down as the company chief executive.
29 March 2005
Target beating TT Club seeks AM Best upgrade
Leading transport and logistics mutual TT Club beat 2004 premium growth, underwriting and surplus targets, and now boasts a solvency level it believes will lead it to regain its ‘A-’ rating from AM Best.
29 March 2005
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