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  • Despite the old saw that bad years get worse, latest estimates from Lloyd’s syndicates showed only limited deterioration on the dreadful 2001 underwriting year.
  • Royal Courts of Justice Court 22 was packed today (1 December) with representatives of no less than five legal teams to hear the opening arguments of the Aon 77 trial.
  • Jardine Lloyd Thompson Group plc has agreed to pay £9.4mn to acquire much of the aviation business and personnel from fellow London based broker, Heath Lambert.
  • Despite high profile reserve boosts, rating agency Fitch has warned that massive estimated reserve shortages in the US property casualty industry threaten to drag earnings down and overwhelm some weaker players.
  • Troubled US insurer CNA looks to have taken another step in its capital restructuring with today’s announcement that The Hartford will pay $500mn to take on its life and accident insurance operations, along with some specialty lines.
  • Embattled French reinsurer SCOR is set to raise up to EUR750mn to repair its balance sheet and fallen financial strength ratings following the approval of its shareholders today (1 December).
  • London securities house Collins Stewart Tullett has confirmed that one of its US employees was arrested by the FBI last week on suspicion of currency fraud.
  • Standard & Poor’s negative stance on the reinsurance industry was confirmed last week at the ratings agency’s European Insurance Seminar, held at London’s Gibson Hall on 20 November.
  • Lloyd’s insurer Amlin plc has revealed that the 9 months claims ratio is even lower for 2003 than last year – indicating a minimum of two years of strong underwriting returns.
  • Lloyd’s insurer Wellington has expanded its US operations with the recruitment of a ten strong accident and health underwriting team from Reinsurance Management Group.