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France says “Non” to Crédit Lyonnais extraditions
Another spat between France and the US hit the headlines last week when it emerged that the French Justice Ministry had denied requests to extradite four Crédit Lyonnais executives in connection with the long running Executive Life dispute.
13 October 2003
WTC dispute – is settlement the only solution?
As the multi billion dollar one-event-or-two 9/11 dispute rumbles on, the clamour for an out-of-court settlement grew last week, with World Trade Center (WTC) leaseholder Larry Silverstein admitting he may be prepared to reopen talks with insurers.
13 October 2003
Moody’s downgrade adds to GoshawK woes
Things went from bad to worse for GoshawK last week when ratings agency Moody’s downgraded Syndicate 102’s performance rating and delivered a downbeat assessment of its future prospects.
13 October 2003
INSIDER SHORTS
Credit Lyonnais chairman resigns over Executive Life scandal Jean Peyrelevade, the chairman of French banking Group Credit Lyonnais, has resigned following the Executive Life Insurance Company scandal.
13 October 2003
Paper-free claims launch
Claims management and outsourcing firm Xchanging unveiled a new way of dealing with claims last week when it opened its Claims Office of the Future on the sixth floor of the Lloyds building.
13 October 2003
Brit buys Creechurch property rights
The expansive insurance group Brit announced this week that it has acquired renewal rights to the property insurance portfolio of Creechurch Underwriting, the small Lloyd’s insurer.
13 October 2003
Carvill’s promotes Adamson
In the week that CNA announced the exit of its under-performing reinsurance business CNA Re, its former head Bill Adamson is promoted to replace Peter Scanlan as the head of RK Carvill’s US arm, Carvill America Inc.
13 October 2003
Aspen Re appoints bankers for possible IPO
Reinsurance spin-off Aspen Re has appointed bankers Credit Suisse First Boston and Goldman Sachs to advise on a possible $1bn+ US listing, according to sources.
13 October 2003
Tax break boosts German insurers
German insurance companies are set to enjoy substantial tax breaks, the German finance ministry has confirmed.
13 October 2003
RMS announces World Cup terror ART
Californian firm Risk Management Solutions (RMS) announced that it has undertaken risk analysis for a bond covering football’s global governing body FIFA for cancellation of its 2006 World Cup in Germany.
13 October 2003
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