September 2002/1

Laptop, The Insider's resident Lloyd's Name, analyses the proposed Lloyd's reforms and explains why he voted 'No' at the 12 September Lloyd's EGM On 19 July, 16,000 copies of the 56- page Consultation Document were distributed by Lloyd's. The document

There was a time when insurance companies were not the exciting “financial services” players they are now; they were considered stodgy businesses run by boring, grey-flannelled organization men. Working in the employ of stock insurance companies was re

Lloyd’s is so excited about its dotcom project Blue Mountain which, aims to revolutionise the industry, that it has agreed to provide further funding In July ACE invested another £1mn into a revolutionary new electronic project that plans to slash cost

Syndicate 2 & 780 BF Caudle Agencies has proposed the merger of Syndicate 2 into Syndicate 780 for the 2003 Year of account. Planned 2003 capacity is £250mn, the merged syndicate will be headed by P. D Upton. Capital providers currently on Syndicate 2

Lloyd’s is to send in an audit team to Israel after revelations that one of the region’s leading producers is allegedly embroiled in a forged cover notes fraud. On 13 September, at a meeting attended by Lloyd’s regulatory officer Simon Wilkinson

Allianz, Europe's largest insurer, will inject $750mn into its US subsidiary Fireman’s Fund to cover asbestos-related claims, doubling its reserves to $1.51bn.

Bob Mendelsohn the embattled chief executive of Royal & Sun Alliance has been “ousted” from his position as the insurer manoeuvres for its rumoured forthcoming rights issue.

European Reinsurance Company of Zurich, a subsidiary of Swiss Re, has purchased 550,000 of Trenwick's Series B Preferred Shares for an aggregate purchase price of $40mn, thereby settling the dispute between Swiss Re and Trenwick over a Catastrophe Equity

Shares in the world's second largest broking group, Aon, collapsed after the firm revealed below consensus earnings and details of an SEC enquiry into the firm's accounting practices. Excluding special charges, Aon's second quarter earnings would have bee

Benfield, the privately owned London based reinsurance broker currently debating the merits of staying private, floating or a trade sale, is rumoured to be considering a relocation to Bermuda.

A New York Court has struck a body blow against JP Morgan Chase Bank after dismissing the fraud allegations that the bank levelled against 11 insurers who underwrote almost $2bn of surety bonds securing Enron contracts.

Hiscox plc is to take advantage of what it calls the market’s “superb conditions” with a second rights issue in 10 months. The Group, which raised £54mn in November 2001, comes to the stockmarket with a 1-for-2 rights issue to raise £110mn.