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Reinsurance people
■ Broking group Aon Re US has appointed Jon Ingersoll
as senior vice president, based in the Philadelphia office. He was previously with Overseas Partners US. The broker has also named Chris Daley
as vice president, responsible for..
Online Published Date:
11 November 2002
Appeared in issue:
23-02 - 11 November 2002
Corporate round-up
Bermudian reinsurance group PartnerRe is buying back 6mn shares from one of its founding investors, Swiss Re. PartnerRe said it would offer 8m common shares to the public under its existing shelf registration, using the net proceeds to repurchase..
Online Published Date:
11 November 2002
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23-02 - 11 November 2002
Corporate security assessment
Regular analysis of reinsurance corporate security using information based on recent financial and market performance.
REINSURANCE AUSTRALIA CORPORATION
: Over the last decades there have been a few attempts to develop reinsurance companies outside..
Online Published Date:
11 November 2002
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23-02 - 11 November 2002
IASB moves closer to Phase I
The International Accounting Standards Board (IASB) continues to prepare for the issue of a global standard for insurance contracts, and the board made further progress in defining key issues like what constitutes insurance and reinsurance at last..
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11 November 2002
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23-02 - 11 November 2002
Tawa renames CNA Re UK
Run-off specialist Tawa UK has completed the takeover of CNA Reinsurance Co (UK) and changed the company’s name to CX Reinsurance Co. Tawa’s Philip Singer, appointed chief executive of CX Re, told TRR
that the renamed reinsurer..
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11 November 2002
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23-02 - 11 November 2002
Now Cigna faces class actions
US healthcare insurer Cigna has run into further trouble following its recent moves to take more than $1bn in charges in connection with the Unicover workers’ compensation reinsurance pool and its discontinued variable annuity reinsurance..
Online Published Date:
11 November 2002
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23-02 - 11 November 2002
Platinum’s IPO raises more than $1bn
Platinum Underwriters Holdings, the Bermuda-based company that resulted from St Paul Cos’ spin-off of its reinsurance operations, has completed its initial public offering of more than 33m common shares and 5.5m equity security units.
It..
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11 November 2002
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23-02 - 11 November 2002
Lincoln Re price row is settled
Swiss Re and US financial group Lincoln National have ended their differences on the final price to be paid for the Swiss company’s acquisition of Lincoln Re last year. The settlement includes an end to legal disputes between the two, and the..
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11 November 2002
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23-02 - 11 November 2002
Allianz reorganizes UK MAT
Allianz has completed the relocation of its marine and aviation team based in London in advance of a restructuring of its entire Marine, Aviation & Transport (MAT) operation in the UK from the beginning of next year. Allianz AGF MAT, Allianz..
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11 November 2002
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23-02 - 11 November 2002
Old year losses hit Converium
When Zurich Financial Services floated its third party reinsurance operations under the name of Converium in December last year, it retained certain reinsurance liabilities and committed to provide some indemnities to the new reinsurer. But most of..
Online Published Date:
11 November 2002
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23-02 - 11 November 2002
Asbestos claims rise again
The spectre of asbestos-related claims has strengthened in recent weeks with insurers and industrial groups on both sides of the Atlantic adding to reserves or becoming ensnared in litigation.
The new surge in potential asbestos losses was..
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11 November 2002
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23-02 - 11 November 2002
Arig pulls plug on rights issue
Arab Insurance Group (Arig) has rescinded its rights share offering because of the withdrawal of one of the two government shareholders originally due to underwrite the $100m issue which closed on October 15.
Two sovereign shareholders of Arig, the..
Online Published Date:
11 November 2002
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23-02 - 11 November 2002
Trenwick takes radical action
One Bermudian company not having such a good time is Trenwick Group. Late last month it stopped underwriting US specialty programme business in a bid to cut the group’s operating leverage and allow it to focus on other lines.
The closed..
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11 November 2002
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23-02 - 11 November 2002
Bermudians escape old losses
Dislocation is the buzz word in Bermuda – but fortunately for the island’s reinsurers the dislocation is taking place elsewhere. Bermudian companies young and old reported strong figures for the first nine months of the year, taking full..
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11 November 2002
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23-02 - 11 November 2002
Highlands files for bankruptcy
New Jersey-based non-life group Highlands Insurance has filed Chapter 11 bankruptcy proceedings in a US court in Delaware.
The company made the filing 11 months after it adopted a plan to cease writings of new and renewal business, and run off its..
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11 November 2002
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23-02 - 11 November 2002
Blondeau goes as Scor slumps
Exit Blondeau, enter Kessler. French reinsurance group Scor’s current financial difficulties provide a vivid illustration of the problems faced by established players when competing with the clean-slate, start-up reinsurers that have emerged..
Online Published Date:
11 November 2002
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23-02 - 11 November 2002