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Corporate round-up
Reinsurance broking group BMS plans to develop business in southern Africa through a new co-operation venture with NewBridge Reinsurance Brokers (Pty), based in Johannesburg. Steve Higginson, chairman & managing director of BMS International..
Online Published Date:
14 March 2005
Appeared in issue:
05-05 - 14 March 2005
Reinsurance people
■ Marie-Louise Rossi
is leaving the International Underwriting Association after 11 years. She is currently its chief executive but plans to concentrate on her political ambitious in the short-term, with a possible return to insurance later..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
Corporate security assessment
Regular analysis of reinsurance corporate security using information based on recent financial and market performance.
REINSURANCE AUSTRALIA CORPORATION (REAC):
Australians are known all over the world for their ability to adopt a positive..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
Global reinsurance statistics
In TRR
January 31, 2005 we included an article on global reinsurance statistics titled "IAIS completes reinsurance study". In it, we listed combined ratios for seven leading jurisdictions. However, for this part of the survey the Reinsurance..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
Dismal 2004 makes the record books
Swiss Re’s annual analysis of catastrophic losses underlines just what an expensive year 2004 was. Insurers suffered losses of $49bn, a record for an individual year, although this was only 40% of the overall $123bn in economic damages.
The..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
Pennsylvania reaches Reliance deal
Pennsylvania insurance commissioner Diane Koken has reached an $85m agreement to settle her lawsuit against former directors and officers of failed Reliance Insurance Co.
The deal, combined with a previous $45m recovery from Reliance's parent..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
Marsh pays the financial price
Marsh & McLennan has reported that its 2004 net income plummeted by 88% to $180m owing to a fourth quarter in which an $850m settlement of Mr Spitzer's bid-rigging lawsuit against the company led to a loss of $676m against a year-earlier gain..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
IRB acts while government ponders
No matter what the government, confusion reigns in Brazil as far as reinsurance is concerned. President Lula da Silva’s government continues to make encouraging noises about the end of the monopoly enjoyed by state reinsurer IRB-Brasil..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
Aon reaches $190m settlement
US broking, consulting and underwriting group Aon Corp has agreed to pay $190m to settle investigations by three states into bid-rigging, improper commissions and steering of reinsurance business.
Under the deal - which Aon reached with the..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
Arig readies retakaful company
Bahrain’s Arab Insurance Group (Arig) plans to set up a retakaful company in the Dubai International Financial Centre with a starting capital of $124m. Arig intends to be the new company’s majority owner, with a 51% stake, while Islamic..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
Appeal court rules on T&N dispute
Reinsurers Centre Re and Munich Re seem to have had the better of the appeal case that pitted them against the administrators of T&N, an asbestos manufacturer that entered bankruptcy, along with its parent, in 2001.
T&N’s failure has..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
UK Club buys new reinsurance
The UK P&I Club has bought additional overspill reinsurance protection for 2005, partly as a result of changes to a long-term reinsurance arrangement with Swiss Re and also to take advantage of what it says is softening in the conventional..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
Focus turns to AIG’s Greenberg
Federal and state regulators have reportedly intensified their examination of a non-traditional insurance transaction between AIG and Berkshire Hathaway's General Reinsurance unit owing to the alleged involvement of AIG chairman & chief..
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14 March 2005
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05-05 - 14 March 2005
Now title deals fall under spotlight
Investigation into US insurers' business practices has taken a new turn with California and other states examining whether title insurers have engaged in suspect reinsurance deals that regulators allege amount to kickbacks.
California insurance..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
Warren stays quiet on ART role
"Disappointing" is probably not the word that first springs to mind when reviewing the annual report of a company that has just produced a pre-tax profit of $10.7bn. But Berkshire Hathaway is no ordinary company and its charismatic head, Warren..
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14 March 2005
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05-05 - 14 March 2005
CEA should look at direct cat bonds
The California Earthquake Authority (CEA) should investigate ways to issue catastrophe bonds direct, reducing its reliance on the reinsurance market, according to a financial alternatives workgroup charged with examining options for the..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005
Fitch wants more Fairfax detail
Canada’s Fairfax is the latest insurance group to feel the wrath of the rating agencies, with Fitch threatening to pull its rating of the group if Fairfax does not increase "the level and quality of public disclosures".
Fairfax has been one of..
Online Published Date:
14 March 2005
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05-05 - 14 March 2005