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September 2003/1

  • Laptop looks at Lloyd’s and ILV pension deficits and questions the increasing actuarial control... Actuaries Lane, Clark and Peacock estimate that, out of the 90 companies in the FTSE-100 index, only 13 showed a surplus of assets over liabilities in th
  • Against the backdrop of US tort reform, some US insurers are lobbying to increase Equitas' burden of asbestos claims, warned Equitas’ new chief executive Scott Moser this month. Speaking at Equitas' annual meeting on 12 September, Moser applauded the
  • UK insurers are being warned that increases in US reserves against asbestos-related claims could be a taster of things to come for the London market. The warning comes after news that US underwriters have bolstered their reserves for asbestos-related c
  • Rating agency Moody’s believes the current benign trading conditions will see Lloyd’s return a profit of £3.7bn for the 2002 and 2003 years of account. Moody’s has increased its forecast for 2002 to £1.9bn - the equivalent of 14.5 percent of capacity -
  • Lowered LSAs reflect poor performance and pipeline losses In the second yearly review of its Lloyds Syndicates Assessments (LSAs), rating agency Standard & Poor's has lowered its assessments on 10 syndicates and raised two, reflecting on the “poor oper
  • Lloyd’s specialist insurer Hardy Underwriting Group announced on Monday 22 September that it will begin underwriting financial institutions for the 2004 year of account. The account, which will be accommodated within the 2004 stamp capacity of £115mn,
  • Munich Re executives met with London based analysts and fund managers earlier this month as the reinsurer sought to reassure the City in the light of its shock downgrade by rating agency Standard & Poor's. In August, Munich Re suffered the humiliatio
  • Hurricane Isabel, which hit the US eastern seaboard with heavy wind and rain on 18 September, is estimated to have caused $1billion of insured property damage - significantly less than early forecasts.
  • The $10mn fine handed to AIG this month (11 September) was a further sign that US regulators are scrutinising the industry's penchant for complicated financial instruments. The world's most valuable insurance company agreed to settle an investigation b
  • Crédit Lyonnais has announced that it has reached agreement with the United States Attorney's Office to settle a long running investigation into the French bank's 1991 acquisition of Los Angeles-based Executive Life Insurance Company. In a statement po
  • Waning market share, slower premium rises and fiercer competition among smaller businesses: all are cited as catalysts for a mooted increase in broker M&A Consolidation among brokers is set to increase, according to new analysis by investment bank Morg
  • Lloyd's insurer Brit is considering legal action against rival Abacus Syndicates Management over the recruitment of former PRI Ltd staff, the liability insurer acquired by Brit earlier this year for around £173mn. As first revealed in issue 81 of The I