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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.
  • Ten days after Lloyd’s insurer SVB announced a £50mn convertible bond and a shift away from Letter of Credit (LOC) financing, rival Wellington Underwriting said it had secured a new credit facility of £120mn with a group of banks.
  • Germany’s Hannover Re followed up solid half year figures with a “highly gratifying” third quarter result as it reported operating profit for the year to date 41 percent higher than at the same stage last year and upped year end profit forecasts from EUR3
  • 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.
  • 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.
  • The “for sale” sign hoisted above GoshawK has been taken down, as the insurer revealed it has concluded the strategic review which began in July.
  • AM Best has downgraded the financial strength rating of Paris-based reinsurer AXA Re and its subsidiaries from “A” (excellent) to “A-“ (excellent) with a stable outlook.
  • 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.
  • 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.