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Structural change as Converium shakes ZFS legacy
Swiss reinsurer Converium has unveiled a new organisational and financial reporting structure, together with a management shake-up.
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
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
Alexander Forbes targeted in $100bn apartheid class action
Despite disapproval from the South African government, US class action lawyer Ed Fagan is threatening a $100bn suit against Alexander Forbes and a host of other companies because of their alleged mistreatment of over 10,000 employees during the apartheid
13 October 2003
Arnie to take lead role in total reform
California Insurance Commissioner John Garamendi wasted no time last week in getting Governor-Elect Arnold Schwarzenegger on side in his quest for workers’ compensation reform.
13 October 2003
GoshawK’s ongoing concerns prompt further downgrade
Beleaguered Lloyd’s insurer GoshawK was dealt another blow last week as ratings agency Standard & Poor’s followed Moody’s and downgraded Syndicate 102 by another notch, questioning its ability to trade forward into 2004.
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
Aon report highlights potential savings in property market
European multinationals could access more favourable terms and conditions on their property insurance if they shopped beyond their domestic market, according to a report published last week by broker Aon.
13 October 2003
S&P fights back
Ratings agency Standard & Poor’s has responded to criticism of its recent reinsurer downgrades, explaining that poor long-term profitability, and not just a lack of capital adequacy, was the catalyst for its actions.
13 October 2003
New Swiss terrorism reinsurance facility
Benfield announced this week the creation of a terrorism reinsurance facility for all private insurers of property risks within the Swiss insurance market.
13 October 2003
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