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International

Asbestos bill is progressing

01 July 2003

Amazing as it may seem, the US Senate seems close to getting together asbestos legislation that works…

Zurich on course with sale to Amex

24 June 2003

Zurich has sold its British funds management company Threadneedle to credit card company American Express – the latest move in the Swiss insurer’s move back to the profitable…

UK brokers fear cost of compo levy

24 June 2003

The British version of the FSRA is going through its early stages, and brokers are growing increasingly restless about some of the proposals to regulate them more closely…

Funds managers face industry revolution

24 June 2003

Global funds managers are experiencing what the insurance industry has been dealing with for more than 10 years – cut-throat competition and consolidation…

Three more years: Plumeri signs on

24 June 2003

Colourful Willis Group Chairman and CEO Joe Plumeri has had three years added to his five-year employment agreement, which still had 27 months to run…

Benfield float succeeds

17 June 2003

Shares in newly floated reinsurance broker Benfield have begun trading in London at 16% above the offer price of $6.27 per share, which values it at $1.4 billion…

Insurers win right to say no

17 June 2003

Major US insurers are emphasising their no-nonsense approach to liability by rejecting householders’ insurance proposals where mould threatens to be a future problem…

Asbestos reserves get a further boost

17 June 2003

Equitas, the company Lloyd’s established to handle all its run-off claims, has increased its reserves against asbestos claims by $996 million…

Rates rollercoaster continues

10 June 2003

Many insurance rates will continue to rise over the next five to seven years, and the average growth rate of premiums will gradually slow only until early next year…

Consumers really do check, says survey

10 June 2003

A US consumer survey has found that a high percentage of people claim to collect a lot of information, evaluate facts and figures and read the fine print…

Analysts see plenty of room for improvement

10 June 2003

US insurers speaking at the S&P insurance conference were upbeat about their prospects, but analysts who spoke cited insurers’ lax pricing and reserving…

BI will cover government actions

10 June 2003

New York Governor George Pataki has introduced legislation creating a new type of business interruption insurance…

Munich Re recovers slowly

03 June 2003

Strong growth in life and health insurance, a lower property-casualty combined ratio of 98% and continued writedowns are the major features of Munich Re’s first-quarter results…

Terrorism Act gets lacklustre response

03 June 2003

The US Terrorism Risk Insurance Act hasn’t encouraged the insurance market to broadly offer terrorism insurance coverage at prices that most insurance buyers would view…

Reinsurance outlook is still gloomy

03 June 2003

Ratings agency Standard & Poor’s says continued rate increases in the global reinsurance market have failed to stem the downward pressure on ratings, and the market outlook…

R&SA posts a profit

27 May 2003

British insurer Royal & SunAlliance has recorded a first-quarter profit of $288 million, and says the sale of its Australasian businesses has helped it with its capital problems…