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Swiss Re looks east for profit
Swiss Re has announced plans to sell property and casualty and life and health reinsurance in Japan from April 2004.
29 December 2003
AXA incurs World Cup penalty
AXA will have to pay compensation to world football governing body FIFA, following a ruling by a German court that the insurance company was wrong to cancel its 2002 World Cup insurance policy.
29 December 2003
Australia rejects DVT test case
In a significant development for the insurance industry, the Australian Victoria state appeals court has rejected a civil lawsuit brought against British Airways and Quantas by a passenger who developed deep vein thrombosis (DVT) on a long-haul flight.
29 December 2003
Moody’s: insurers exposed to Parmalat crisis
US Insurance companies are in danger of losing as much as $1.6bn worth of investments as a result of the Parmalat accounting crisis, rating agency Moody's has warned.
29 December 2003
Wellington’s rating affirmed
Rating agency Moody’s has affirmed its A1 financial strength rating of Wellington’s Lloyd’s Syndicate 2020 following its annual review.
29 December 2003
Fortress Re ordered to pay $1.12bn over fraud
Sompo Japan Insurance Inc was awarded $1.12bn in damages against Fortress Re, the North Carolina based aviation pool manager, on 18th December by a US arbitration panel.
29 December 2003
Frederico to head ACE spin-off
Dominic Frederico – once the heir apparent to Brian Duperreault at the giant Bermudian insurer ACE Ltd – will head the financial guaranty spin-off, ACE Guaranty Group (AGC), when it is spun-off next year.
29 December 2003
Canopius upgraded
Canopius – the new brand for the former Lloyd’s operation of Trenwick International – saw its Lloyd’s Syndicate 4444 upgraded by rating agency Moody’s last week.
22 December 2003
The Hartford agrees $1.15bn asbestos settlement
US giant property casualty insurer The Hartford announced Friday (19 December) that it has agreed a $1.15bn global claims settlement for asbestos exposures to MacArthur Company and its Western MacArthur subsidiary.
22 December 2003
CNA settles lawsuit against former employees
CNA has settled a lawsuit against five of its former executives who it accused of breaching confidentiality agreements and stealing trade secrets when they left to join rival Bermuda start-up Quanta Capital.
22 December 2003
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