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.

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

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

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.

Court ruling should establish if concerns over potential legal liability may have influenced Willis' view on the occurrence issue. The WTC dispute between insurers, led by Swiss Re, and the WTC leaseholder Silverstein looks set to force broker Willis G

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

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

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.

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

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 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

Few surprises in 6th and 10th quarters result forecasts for Syndicates demonstrates improved forecasting Updated estimates for the forecast results of syndicates in the 10th quarter of the 2000 underwriting year showed few significant deviations from e

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

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