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September 2002/1

  • Good things come to he (or she) who waits There is an e-mail doing the rounds that purports to be a verbatim excerpt from the transcript of the cross examination of former HIH chief executive Ray Williams. Snide - being a persistent little fellow - sp
  • 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.
  • The share prices of European insurers are tumbling as investors get the jitters over a series of worsening results and balance sheet strengthening capital raising exercises.
  • The employee benefits giant is facing a possible 2 notch downgrade from the rating agencies as worsening equity markets increased exposure on run-off contracts Shares in CIGNA fell in reaction to the shock announcement of a $1.1bn pre-tax charge over i
  • Or do they? A failure to compromise on wordings may lead to further disputes. In the meantime, the franchise model rolls on. In the cynical world of modern politics, it’s not unheard of for more than one side to claim victory and so it proved at the re
  • 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.
  • 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.
  • 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.
  • Zurich Financial Services (ZFS), has announced losses of $2bn for the first half of 2002. ZFS stated it has undertaken a thorough review of the adequacy of its non-life insurance and reinsurance reserves in consultation with an independent third party
  • 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
  • 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
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