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ACE positive on Connecticut law-suit
ACE Ltd is confident that it can rebuff the lawsuit brought by Connecticut’s attorney general Richard Blumenthal alleging the Bermudian giant paid “kickbacks” to secure a workers’ compensation contract, according to its president and chief executive Evan
07 February 2005
Mitsui Sumitomo gains AA- financial guarantee rating
London market insurer Mitsui Sumitomo Insurance (London) Ltd (MSIL) has been awarded an AA- financial enhancement rating (FER) by the rating agency Standard & Poor’s.
07 February 2005
Credit Suisse ups XL Winterthur payable but still falls short
Zurich based financial services group Credit Suisse revealed Friday (4 February) that it has upped its payable to XL by $257mn in relation to the Bermudian (re)insurer’s acquisition of Winterthur International back in 2001.
07 February 2005
Insurers continue to calculate Cat losses
Lloyd’s was one of a host of (re)insurers to reveal their loss exposures to the recent catastrophes that have struck the industry.
07 February 2005
Equitas commutations continue
Lloyd’s run-off vehicle Equitas continued its strategy of commuting its policies by announcing two significant agreements in recent days.
07 February 2005
AJ Gallagher struck by John Woods defections
US reinsurance broker John P Woods Co has seen its founder defect to rival Towers Perrin only days after parent AJ Gallagher & Co announced it was rebranding its reinsurance operations as Gallagher RE.
07 February 2005
Prettejohn calls for action from FSA on brokers
Lloyd’s CEO Nick Prettejohn issued a stringent call for the UK’s Financial Services Authority (FSA) to take a more active role in preventing conflicts of interest caused by undisclosed broker commissions.
07 February 2005
Eliot departure compounds St Paul Travelers difficulties
The giant US insurer St Paul Travelers Company capped a difficult week with the news that Doug Eliot, the respected chief executive of its commercial and personal lines, was leaving the company.
07 February 2005
Poor weather conditions blamed for Afghan Boeing 737 crash
Heavy snowfall and poor visibility is suspected to be the chief cause of the Kam Air Boeing 737 crash last week in Afghanistan.
07 February 2005
ACE profits down on catastrophes and Brandywine charge
Bermudian giant ACE reported net income down 38 percent for the fourth quarter and 20 percent for the year last Wednesday (2 February) as it felt the impact of the sale of its Brandywine reinsurance unit late last year.
07 February 2005
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