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Corporate round-up
US reinsurers had 2004 net income of $3.1bn, about the same as a year earlier, on net written premiums of $28.8bn, down 6.1%, according to figures compiled by the Reinsurance Association of America (RAA). In part owing to hurricane losses, the RAA's..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Reinsurance people
■ The International Underwriting Association has appointed Dave Matcham
as its new chief executive. Mr Matcham, who was previously director of operations at the association, succeeds Marie-Louise Rossi who is leaving to pursue her political..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Corporate security assessment
Regular analysis of reinsurance corporate security using information based on recent financial and market performance.
AXA RE:
There can be little doubt that the last couple of years have seen significant changes in the French reinsurance sector..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Garamendi gives testimony
California insurance commissioner John Garamendi has denied knowing that the French government was behind the 1993 purchase of failed Executive Life Insurance and its valued junk-bond portfolio, asserting that the investor group led by Altus Finance..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Lloyd’s gets little from reinsurers
Lloyd’s has come off worse in its two-year-old dispute with the six insurers of its new Central Fund. The parties have settled and Lloyd’s will receive £152m, which includes amounts previously paid, rather than the sum of more than..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
California pays attorney fees
A US appeals court in San Francisco has ordered the California insurance department to pay the $5m to $10m in legal fees that a group of US and European insurers amassed in their fight to overturn a state law that required carriers to hand over..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Vesta delays filing SEC reports
US insurance group Vesta has delayed the filing of its 10-K annual figures to the Securities & Exchange Commission because it still has not got to the bottom of mistakes in its previous filings and has yet to complete an investigation into the..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Fitch and Germans shake hands
Rating agency Fitch and the German Insurance Association have agreed to disagree on the agency’s rating approach for European insurers under its new Quantitative Insurer Financial Strength Ratings (Q-IFS).
When Fitch announced in December the..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Reinsurers win Exxon LMX appeal
Equitas has lost its appeal in the Exxon Valdez reinsurance case, a decision that is likely to lead to further complications in the London market for a while before claims payments and reimbursements work their way through the LMX system.
The..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Reliance struggles on recoveries
Making reinsurance recoveries remains one of the biggest problems in the liquidation of US insurance group Reliance, as the company’s fourth quarter report clearly indicates.
The statutory liquidator – Diane Koken, the insurance..
Online Published Date:
28 March 2005
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06-05 - 28 March 2005
Garamendi subpoenas title insurers
California insurance commissioner John Garamendi has issued nine additional subpoenas to six lending and realty (property) companies as part of the growing regulatory investigation of title insurers' possible improper use of reinsurance.
Mr..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Woe continues for Annuity & Life
The sun doesn’t shine on everybody in Bermuda, and local life reinsurer Annuity & Life seems to be permanently in the shade. The company reported a net loss of $68.3m last year, bringing its cumulative deficit for the last four years to..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Bermuda overcomes disaster year
Bermuda’s non-life reinsurers shrugged off hurricanes, tsunamis and the need for additional reserving to post net income in 2004 that was only fractionally down on the previous year figure.
Our quarterly survey shows that 16 reinsurers..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Farewell Hank
Those who say the insurance world moves at a snail’s pace should ponder the dramatic events of the last six months: serious doubts about the integrity of market practice, the world’s largest broker humbled and now the departure of Hank..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005
Finite future
Despite the industry’s confident talk, there was little chance that the regulatory investigations in the US would be confined to a few branches of commercial non-life insurance. And it should be no surprise that phase 2 of the probe puts..
Online Published Date:
28 March 2005
Appeared in issue:
06-05 - 28 March 2005