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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
Share price takes off in record China Life float
In echoes of the dot.com boom, the year’s largest IPO saw China Life shares rocket 27 percent last Wednesday (17 December) as its massively oversubscribed $3bn float hit the New York stock exchange. The stock debuted on the Hong Kong stock exchange a day
22 December 2003
Best view on Bermuda’s bumper crop
Bermuda’s top 15 reinsurance and insurance outfits produced an impressive 87.5 percent combined ratio for the first nine months of 2003, according to rating agency AM Best.
22 December 2003
Benfield: European earnings not reflecting premium performance
Results for the first nine months of 2003 suggest that solid premium performance in favourable underwriting conditions has yet to show up in the earnings of European reinsurers still struggling with legacy issues, according to a report from Benfield.
22 December 2003
HLF reduces debt with capital restructure
London based broker Heath Lambert revealed last week that the consortium of private equity houses that have owned the majority of the group’s equity since its formation in 1999 have surrendered their holdings as part of a financial restructuring first ann
22 December 2003
Six charged on Executive Life fraud
Pinault receives fine in return for immunity; Peyrelevade and five others left out in the cold
22 December 2003
Lloyd’s hails digital milestone
Lloyd’s Kinnect went live last week, with Willis taking inaugural honours to pass the first risk through the platform. The platform, which is funded by Lloyd's, enables brokers and underwriters to exchange data electronically.
22 December 2003
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