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Reinsurance People
■ Law firm Bryan Cave has appointed Amanda Mochrie
as an associate in its London office, working on insurance and reinsurance issues. She joins from Barlow Lyde & Gilbert. Bryan Cave’s insurance and reinsurance practice is led by..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
Corporate round-up
Australian insurance group QBE is cutting back in the Japanese market, and intends to reduce its aggregate risk exposure and premium income from the country next year. The company said it would now concentrate on underwriting “selected”..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
Corporate security assessment
Regular analysis of reinsurance corporate security using information based on recent financial and market performance.
SINGAPORE RE
: Even though Singapore Re had no exposure to the WTC loss, the chairman of the company uses the first two..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
Benfield opts for London listing
Broking group Benfield surprised the market last month by announcing that it would seek a stock exchange listing in London rather than the US.
Benfield redomesticated its group holding company to Bermuda in October as the board considered launching..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
Losses hit Annuity & Life
Bermudian life reinsurance company Annuity & Life Re recorded a net loss of $19.2m for the third quarter, in line with its most recent estimate taken shortly after the company announced a restatement of its figures for the first two quarters of..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
Writedowns trouble Munich Re
Even the big boys are hurting. The world’s largest reinsurer, Munich Re, reported a pre-tax loss of €1204m for the third quarter although it was in the black for the first nine months of the year and remains confident about trading..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
GAUM attracts new backers
Global Aerospace, the world’s largest specialist aviation insurance and reinsurance underwriter, will start 2003 with a new roster of backers following the withdrawal of three companies, including UK composite Aviva.
The announcement of..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
P&I clubs hit by terror act
One unexpected ramification of the US Terrorist Risk Insurance Act is the impact it has had on the marine insurance market where protection & indemnity (P&I) clubs are now obliged to offer substantial cover against terrorist attack..
Online Published Date:
09 December 2002
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25-02 - 09 December 2002
US terror plan takes effect
US president George Bush has signed into law the bill that creates a federal insurance backstop against future terrorist attacks.
The bill was approved by both houses of Congress shortly before they adjourned for the year in late November.
Under the..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
NCOIL to consider collateral
European reinsurers have taken a step forward in their long-running campaign to encourage US interests to relax the onerous 100% collateral requirement.
The international affairs committee of the influential National Conference of Insurance..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
Cat fund wants levy extension
Plans to add surplus lines insurers to the assessment base for Florida’s hurricane catastrophe reinsurance fund received a boost last month when the fund’s advisory council endorsed the proposal.
If the change becomes law, surplus lines..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
Wellington ups Exali Re stake
Lloyd’s vehicle Wellington Underwriting plc confirmed it has invested a total of £122.9m in Exali Reinsurance Holdings, the parent company of Wellington Reinsurance Ltd, the new UK company market reinsurer.
The investment gives Wellington..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
Nebraska seizes crop insurer
The Nebraska Department of Insurance has placed American Growers Insurance Co, the crop insurance unit of Iowa-based insurance holding Acceptance Insurance Cos, under state supervision.
Regulators issued the supervision order following a ruling by..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
Gerling cans reinsurance book
German insurance and reinsurance group Gerling has finally drawn a line under its non-life reinsurance operations, now in run-off, by selling them to Lago Achte, a private company headed by Achim Kann, formerly chairman of German reinsurer Frankona..
Online Published Date:
09 December 2002
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25-02 - 09 December 2002
GE shores up Employers Re
US General Electric is seeking to sell the life reassurance business of its Kansas-based Employers Reinsurance Corp (ERC) subsidiary in an effort to restore profitability at the troubled unit.
In making the announcement, GE said it will also inject..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002
Buffett eyes Number 1 spot
Is Warren Buffett about to become the world’s biggest reinsurer as well as its most celebrated investment guru?
On the face of it, reports of Berkshire Hathaway’s interest in Employers Re come as a surprise, but if Berkshire Hathaway..
Online Published Date:
09 December 2002
Appeared in issue:
25-02 - 09 December 2002