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Protests lodged on Brandywine sale
The first signs of protest over ACE Ltd’s proposed sale of its asbestos reinsurance exposures to run-off company Randall & Quilter Investments Holdings Ltd occurred last week when four of ACE’s rivals protested to the Pennsylvanian insurance regulator.
21 February 2005
FSA issues CIC consumer alert
Over 2000 policies have been issued from dubious insurer, despite warnings from The Insurance Insider last year, principally for employers’ liability The UK regulator, the Financial Services Authority, (FSA) has warned the industry about CIC - the dub
18 February 2005
Lusardi joins White Mountains
Former XL Capital Ltd’s chief financial officer Robert Lusardi is to join White Mountains’ senior management team as executive vice-president and managing director.
14 February 2005
Munich Re reduces Allianz stake
The world’s largest reinsurance company Munich Re AG has further reduced its stake in the German insurer Allianz AG, according to a report in the Dow Jones newswires.
14 February 2005
Executive Life trial edges closer
The controversial and politically sensitive dispute over the illegal acquisition of US insurer Executive Life by French bank Credit Lyonnais in 1991 is due to begin this week, barring a last minute settlement.
14 February 2005
Fitch spoils XL’s party with mooted downgrade
Bermudian giant XL Capital had its positive fourth quarter and year-end earnings release marred last week by an announcement from rating agency Fitch that it may slash the company’s debt ratings.
14 February 2005
WTC ruling opens door to increased BI claims
Fallout from WTC litigation continued apace last week when a federal appeals court ruled that the janitorial service for the buildings destroyed in the 9/11 attacks could claim as much as $127mn from Zurich American Insurance Co on its business interrupti
14 February 2005
Market awaits news on Converium renewals
Later this week, the reinsurance industry will finally discover the impact last year’s reserving woes have had on Converium’s business.
14 February 2005
Broking giants count cost of Spitzer
Both Aon Corporation and Willis Group Holding Ltd – the second and third largest global brokers respectively – demonstrated the ongoing cost of the investigations into broker compensation practices when announcing their 2004 financial results last week.
14 February 2005
PCS reveals extent of 2004 cat losses
2004’s status as a record year for catastrophe losses was underlined last week when figures released by ISO’s Property Claim Services (PCS) unit revealed that US P&C insurers paid out $27.3bn in claims to homeowners and businesses over the course of the y
14 February 2005
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