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  • Groundbreaking progress but tough negotiations ahead With the clock running down on prospects for pushing through meaningful asbestos reform in this Congress, last week saw a rush for compromise and early indications suggest the tide is turning.
  • French reinsurer SCOR’s “back on track” recovery plan was shunted backwards last week with the early retirement of group deputy chief operating officer Pierre-Denis Champvillard.
  • Major policyholders of defunct fronting insurer Legion Insurance Company can pursue their claims via Legion’s reinsurers, a Pennsylvania court ruled last week.
  • Lloyd’s insurer Hardy Underwriting Group plc has denied it plans making a bid for rival insurer Atrium Underwriting plc.
  • Employers Re (ERC), the world’s fourth largest reinsurer, was effectively downgraded from A+ to A (Excellent) last week as AM Best revised ratings following a first time assessment of the firm as a standalone entity, separated from the influence of its ow
  • White Mountains announced Friday that it has filed a shelf registration with the SEC in New York allowing it to raise up to $2bn by issuing debt or shares.
  • Axis Capital Holdings, the specialty (re)insurer formed in response to the post 9/11 capacity crunch, will float this week on the New York Stock Exchange valuing the firm at around $3.3bn.
  • Only those that have ability to price and select risk will prosper, says ratings agency Ratings agency Fitch believes that, despite recent sterling results, post-9/11 Bermudian start-ups need to rapidly adapt “to develop the strength to compete with es
  • The problems at the troubled California State Compensation Insurance Fund (SCIF) grew earlier this month with the revelation that its auditors want the Fund’s reserves boosted by $800mn. Already embroiled in an increasingly acrimonious dispute with the St
  • New AIRMIC chairman Nick Chown will put “setting new standards” at the top of the agenda during his year in office. Chown takes the reins at the Association of Insurance and Risk Managers from David Ireland, who handed over at the end of the association’s