Democrats block US tort reform
28 October 2003
Democrats in the US Senate have succeeded in blocking passage of a reform bill that would have put the brakes on frivolous class actions…
International
Silverstein gets the rent
28 October 2003
World Trade Centre leaseholder Larry Silverstein has had a very small victory in his ongoing battle against the insurance industry…
Earnings follow rates upward
28 October 2003
They might fret about premium rates, but major broking organisations stand to do even better than the small fry when it comes to making money out of the hard market…
US brokers discuss growing problem of mould
30 September 2003
Mould was a standout topic at this year’s Independent Insurance Agents and Brokers of America Convention and InfoXchange in Las Vegas…
Lloyd’s escapes EC scrutiny
30 September 2003
The European Commission has decided to close its investigation into the ability of British law to adequately supervise Lloyd’s, effectively scuttling the last hopes…
WTC case goes to a jury
30 September 2003
World Trade Centre leaseholder Larry Silverstein will have to plead his case against his insurers in front of a jury…
R&SA gets the go-ahead to build up reserves
30 September 2003
Royal & SunAlliance, the once-mighty insurer now struggling to retain its status as a significant international player, is going ahead with a $2.3 billion rights issue after shareholders…
RGA to buy Allianz Life
30 September 2003
Reinsurance Group America will acquire, through coinsurance, the US life reinsurance business of Allianz Life…
Fortis takes an arm from US
30 September 2003
Dutch financial services company Fortis will float its US operation next year as it moves to concentrate on its “core business” in Belgium and the Netherlands…
Isabel-type storms will hurt insurers
23 September 2003
While the damage bill from Hurricane Isabel has been cut from $5.8 billion down to around $1.4 billion, the storm and other more potentially damaging storms are going to put…
Levene attacks compensation culture
23 September 2003
Lloyd’s Chairman Lord Levene is continuing to act as a convincing frontman for the market, raising big issues wherever he goes…
UK regulator worries brokers
23 September 2003
The release last week of the British Financial Services Authority’s final rules for brokers under the impending financial services reforms – PS174 and PS159, which cover prudential…
Airline exposure no concern, says Greenberg
09 September 2003
AIG Chairman and CEO Maurice Greenberg seems unfazed by the threat of a possible downgrade from its untarnished AAA rating…
US property and casualty insurers reap huge capital gains
09 September 2003
Property and casualty insurers in the US enjoyed a $1.7 billion increase in capital gains during the first quarter of 2003, thanks to a reduction in underwriting losses…
9/11 losses reach $9.3 billion
09 September 2003
Claims against America’s property and casualty insurers arising from the September 11 terrorist attacks in 2001 reached $14.3 billion by the end of 2002…
RSA goes for rights issue as expected
09 September 2003
Following much market speculation, struggling UK insurer Royal and Sun Alliance has announced that it will make a rights issue to boost its reserves…
Munich plunges as reinsurers report results
02 September 2003
No 1 reinsurer Munich Re has taken a drubbing after reporting a first-half loss of $1.07 billion, getting itself into an argument with ratings agency Standard & Poor’s that it just can’t win…
Swiss Re does better
02 September 2003
Swiss Re has returned a $791 million first-half profit, with CEO John Coomber saying the hard market is responsible for the 690% rebound from last year’s first-half losses…
Other results
02 September 2003
German reinsurer Hannover Re posted a $273 million first-half profit, and Lloyd’s has increased its 2002 profit forecast from $345 million to $387 million…
US insurers still recovering
02 September 2003
Despite the highest premium increases in the US market since 1986, the property/casualty industry’s operating surplus actually fell last year…