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  • Ratings agency Standard & Poor’s (S&P) has criticised proposed International Financial Reporting Standards (IFRS) describing them as costly to implement and likely to lead to greater earnings volatility.
  • Post-9/11 start-up Endurance officially opened the new offices of its FSA licensed London subsidiary on Friday morning (12 September).
  • Buyers and sellers in the reinsurance industry expect rates in some short tail business to fall in 2004, according to a Europe-wide survey by Aon, the world’s largest reinsurance broker.
  • Bermudian reinsurer Partner Re faces “only modest” claims from Hurricane Fabian, the category 3 storm which struck the island on 5 September.
  • Senator Orrin Hatch has not given up on his asbestos reform proposals and believes the measure may still make it to the Senate floor this year, despite being overshadowed by Iraqi funding, energy policy and Medicare concerns.
  • Lloyd’s insurer SVB showed signs of a continuing turnaround last week, announcing a trebling of operating profits and combined ratio recovering to below 100 percent.
  • Recently announced Lloyd’s liability start-up Illium Syndicate 4040 is on the fast track to making its underwriting debut after deciding to buy a majority stake in the existing Lloyd’s managing agency of run-off specialist Omni Whittington.
  • Lloyd’s insurer Advent Capital (Holdings) plc revealed a welcome return to profit after the devastations of the 2001 underwriting year.
  • The $10mn fine handed to AIG last week was a further sign that US regulators are scrutinising the industry’s penchant for complicated financial instruments.
  • A new $550mn capitalised (re)insurer is set to be launched later this year with backing from US private equity houses and management shipped in from Swiss Re, Insider Week can reveal.