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Reinsurance People
■ US reinsurance group GE Employers Reinsurance has appointed Kathryn Baker
as general counsel for the global property & casualty business unit. She reports directly to Rick Smith
, chief executive of the global P&C unit.
■..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Corporate round-up
A reorganization of operations at broking group Aon in the UK sees Colin Bryan become chairman of Aon Ltd’s UK reinsurance business. Mr Bryan was previously chairman of Aon’s non-marine reinsurance division.
From the beginning of next..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
US book hits Converium again
Reinsurance group Converium has now confirmed it will add $70.3m net in the fourth quarter to its provisions for liability business written by its main US subsidiary, bringing the total second half reserving addition to $117.3m.
Boosting reserves..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Low cat loss level cheers US
Cat losses in the US were fairly low for the third quarter, with the Property Claim Services (PCS) division of the Insurance Services Office expecting insurers to face claims of $675m from six events during the three months. The figure compares..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Axis agrees Sheffield purchase
In line with its plan to retain its major underwriting operations but pursue a broad underwriting strategy, broking group Aon has now agreed to sell Sheffield Insurance Corp, a specialty non-life insurance subsidiary.
The buyer will be Bermudian..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
US court considers asbestosis
The US Supreme Court has heard oral arguments in a case that could determine whether litigants in asbestos-related lawsuits are entitled to collect damages on the basis of fearing that they could get cancer.
The court took up the case five years..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Capacity holds back cat rises
The high level of capacity has helped keep down rates for property catastrophe reinsurance, and prices for renewals after July were lower than at the start of the year, according to the latest report by Gen Re Intermediaries, the broking unit of the..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Employers Re prepares charge
US General Electric is expected to take a pre-tax charge of up to $2bn to cover losses at its Employers Reinsurance Corp (ERC) subsidiary and a restructuring of other GE operations, according to reports by several Wall Street analysts.
GE was..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Annuity & Life restates figures
Discussions with the Securities & Exchange Commission in the US over accounting issues have resulted in Bermudian reinsurance group Annuity & Life Re restating its figures for the past two closed years.
For 2001, the restatement will..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Catlin Westgen raises capital
Bermudian insurance and reinsurance group Catlin Westgen has concluded a $532m capital raising initiative designed to increase its underwriting capacity at Lloyd’s and support a much-expanded underwriting operation in Bermuda.
Catlin Westgen..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Russia shows slow progress
Foreign penetration of the Russian reinsurance market has been limited, hampered by the slow development of the underlying direct insurance industry, according to a sector report produced by the analytical division of investment bank United..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Beazley uses IPO for capacity
Lloyd’s operator Beazley Group launched a £150m initial public offering this month to allow it to take advantage of the strong market conditions for international insurance and reinsurance. Beazley is the parent of Lloyd’s managing..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Asset managers interest market
Insurers in the US and Europe will make much greater use of specialist firms to manage their assets, Swiss Re predicts in a new Sigma study into the market.
Swiss Re expects third party asset management will grow by an average of 10% a year in both..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Seibels Bruce stays profitable
US insurance holding company Seibels Bruce may be having problems with regulators, but it is still managing to remain profitable. The group produced net income of $1.8m in the third quarter and $5.3m for the first nine months of the year even though..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Europeans press on collateral
Autumn sees the International Underwriting Association (IUA) continue attempts to convince US interests that its members should not be required to post collateral of 100% of their insured US liabilities. As TRR
went to press, the..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Coomber is Swiss Re’s choice
Swiss Re took the market rather by surprise when choosing an Englishman, John Coomber, as successor to Walter Kielholz as chief executive. The move follows Mr Kielholz’s appointment as chairman of banking group Credit Suisse; he will become..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Trenwick still talking on LOCs
Troubles continue to mount at Bermudian insurance and reinsurance group Trenwick, and as TRR
went to press the group was still talking to its letter of credit (LOC) providers in the hope of renewing its $226m credit facility.
If the talks fail,..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Florida’s Aries is now in liquidation
Aries Insurance Co, based in Florida, has been put into liquidation shortly after losing an arbitration ruling against its reinsurer, General Re, over disputed reinsurance recoveries.
The arbitration panel ruled that Aries owed General Re $3.7m for..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Traditional lines boost Max Re
Bermudian alternative risk transfer company Max Re has wasted no time in diversifying into more traditional lines of business. For the third quarter, 64% of Max Re’s total gross premiums came from traditional non-life reinsurance business.
For..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
US issues new tax haven rules
The US treasury department has issued new regulations that require insurers, reinsurers and other companies to notify shareholders and federal tax authorities in the event the firms move their headquarters to offshore tax havens outside the US or..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Scor’s loss now put at €400m
French reinsurance group Scor’s old year losses are even more substantial than the level announced by the company at the end of last month. The market took a dim view of Scor’s unexpected announcement in October that it expected to post..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
IUA throughput shows upturn
Figures recently produced by the International Underwriting Association (IUA) provide confirmation of the current market recovery. Net premium income underwritten by IUA members through the London Processing Centre, or more recently Ins-sure,..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002
Congress OKs terrorism plan
The US Congress has finally passed legislation for the creation of a federal terrorism insurance backstop that would provide the insurance industry with financial support in the event of heavy losses from future terrorist attacks.
President Bush has..
Online Published Date:
25 November 2002
Appeared in issue:
24-02 - 25 November 2002