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Insurers file multi-billion WTC suit
Five insurance companies filed suit in the US last week against a host of alleged WTC conspirators ranging from Osama bin Laden to the Saudi government.
15 September 2003
Equitas fears US tort reform may increase burden
Against the backdrop of US tort reform, some US insurers are lobbying to increase Equitas’ burden of asbestos claims, warned the run-off reinsurer’s new chief executive Scott Moser last week.
15 September 2003
Munich Re charms before predicted fund raising
Munich Re executives met with some of London’s leading insurance analysts last week as the reinsurer sought to reassure the City in the light of its shock downgrade by rating agency Standard & Poor’s.
15 September 2003
ESG sues D&T over resignation
Embattled reinsurer ESG Re is suing accountancy firm Deloitte & Touche (D&T) and its Irish based partner Mary Fulton following its decision to resign as the company’s auditors last year.
15 September 2003
SCOR fights back after another downgrade
Troubled French (re)insurer SCOR has rallied against AM Best after having its financial strength ratings downgraded last Wednesday, as the industry continues to lay down battle lines between itself and ratings agencies.
15 September 2003
Levene calls for a refocus on underwriting
As delegates gathered in Monte Carlo last Tuesday (9 September), Lord Levene, Chairman of Lloyds called for a return to underwriting for profit to stabilise and strengthen the international insurance industry.
15 September 2003
S&P: IFRS gain not without pain
Ratings agency Standard & Poor’s (S&P) has criticised proposed International Financial Reporting Standards (IFRS) describing them as costly to implement and likely to lead to greater earnings volatility.
15 September 2003
Endurance continues commitment with permanent UK headquarters
Post-9/11 start-up Endurance officially opened the new offices of its FSA licensed London subsidiary on Friday morning (12 September).
15 September 2003
Aon: market softening depends on “who blinks first”
Buyers and sellers in the reinsurance industry expect rates in some short tail business to fall in 2004, according to a Europe-wide survey by Aon, the world’s largest reinsurance broker.
15 September 2003
Partner Re unscathed by Fabian
Bermudian reinsurer Partner Re faces “only modest” claims from Hurricane Fabian, the category 3 storm which struck the island on 5 September.
15 September 2003
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