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  • EU expansion to benefit insurers
    The imminent expansion of the European Union – creating the largest trading bloc in the world – will benefit the insurance industry, according to actuaries Tillinghast.
    26 January 2004
  • Lochain Patrick acquires LSR
    Independent Lloyd’s brokers Lochain Patrick Insurance Brokers Limited has announced plans to acquire London Special Risks Limited (LSR), the specialist marine insurance and reinsurance advisory and broking company.
    26 January 2004
  • R&SA sells Mutual and Federal stake
    R&SA has announced the sale of its 37.1 percent shareholding in South Africa’s Mutual & Federal Insurance Company Ltd.
    26 January 2004
  • Benfield brokers Chinese first; Liberty pioneers Western China
    There were further signs of the opening of China’s (re)insurance market last week, as Benfield announced it had placed a $5bn reinsurance programme for the China Export & Credit Insurance Corporation and Liberty Mutual became the first foreign property ca
    26 January 2004
  • Tony Taylor leaves Aspen
    Tony Taylor, the founding chief executive of Bermudian reinsurer Montpelier Re, has resigned from the board of Aspen following the latter’s flotation on the New York Stock Exchange.
    26 January 2004
  • Endurance earnings race ahead
    Bermudian (re)insurer Endurance announced last Thursday (22 January) that its 2003 net income has rocketed 158 percent to $263.4mn, or $4.00 per diluted share.
    26 January 2004
  • St Paul takes $350mn MedMal reserve hit
    Just two months after news of the proposed St Paul Travelers supermerger broke, St Paul admitted last week it would take a $350mn pretax fourth quarter reserve charge to bolster its healthcare business in run-off.
    26 January 2004
  • D&O rates at all time high
    Rates for directors & officers cover in the US climbed to an all time high last year as insurers continued to increase rates, according to Tillinghast’s 2003 Director’s and Officers Liability survey.
    26 January 2004
  • Omni Whittington captures Talbot run-off
    UK run-off firm Omni Whittington Capital Management Ltd will manage the affairs of Talbot’s loss-struck Syndicate 376 when a novation of the managing agent’s agreements occurs later this year.
    26 January 2004
  • LMA slip now includes binding authorities
    Practitioners in the London market have agreed the standard template of a binding authority agreement which will be incorporated into a new LMP slip, it was revealed today (26 January).
    26 January 2004
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