UK Aviation pool restructures
10 December 2002
Aviva is quitting its stake in the major British aviation underwriting pool, and Royal & SunAlliance has cut its exposure from 50% to 10%…
International
S&P’s criticises US terror insurance law
03 December 2002
The Terrorism Risk Insurance Act which finally won passage through the US Senate last week has been criticised by ratings agency Standard & Poor’s for increasing the risks…
New acquisition for Towers Perrin to generate millions
03 December 2002
Towers Perrin Reinsurance has acquired Denis M Clayton & Co to create a new global reinsurance intermediary…
Munich Re profits fall with investment losses
03 December 2002
Munich Re, the world’s largest reinsurance company, has posted a third-quarter loss as the bottom of its equity portfolio continues to crumble…
Gerling sells its reinsurance business
03 December 2002
German insurance group Gerling has sold its reinsurance business as part of a new plan to reposition itself as a Europe-focused primary insurance group…
Terrorism law passes US Congress
26 November 2002
The US now has its own Terrorism Act, but its speedy implementation has reportedly caught the industry flat-footed…
Swiss insurer picks up German unit
26 November 2002
Royal & SunAlliance is continuing its asset disposal program with the sale of its thriving German affiliate Securitas to Swiss insurer Baloise…
GE set to sell off life reinsurer
26 November 2002
US conglomerate GE is continuing to examine the possibility of unloading its previously profitably reinsurance businesses…
Buffett wants to be biggest
19 November 2002
The international rumor mill is rife with the story that billionaire investor Warren Buffett has offered to purchase General Electric’s Employers Reinsurance Corp for a great deal less…
Blondeau replaced after failing to Scor
12 November 2002
French reinsurer Scor has dumped its Chairman/CEO, Jacques Blondeau, and replaced him with a high-profile industry bureaucrat…
Levene signs on at Lloyd’s
12 November 2002
Lord Levene of Portsoken was confirmed yesterday as the new Chairman of Lloyd’s, ensuring the reform drive of his predecessor, Sax Riley, will continue…
Buffett moves in on Lloyd’s, too
12 November 2002
They must be doing things right at Lloyd’s, because Warren Buffett is now a significant investor…
Willis turns around to profit
05 November 2002
Dynamic Willis Chairman and CEO Joe Plumeri has pulled the formerly ailing company into a $55 million third-quarter profit – a dramatic turnaround…
Gerling: what happens next?
05 November 2002
The exit of sixth-largest reinsurer Gerling from the non-life reinsurance market is going to cause a few problems for the rest of the reinsurance industry, according to European sources…
US healthcare premiums keep on rising
05 November 2002
Australia’s health insurance premium problems are being mirrored in the US, where premiums have risen 13% over the past year…
Insurance cycle may fade away
05 November 2002
The traditional insurance cycle may soon be a thing of the past, according to Standard & Poor’s…
Britain tightens up insurance regulation
29 October 2002
Watch out, British insurers and brokers, here comes the FSRA! It feels like it, anyway, as UK Treasury Financial Secretary Ruth Kelly announced proposals to regulate the sale…
US unveils its terrorism insurance plan
29 October 2002
The US Government has finally got a plan to supplement terrorism claims as far as the fractious Congress…
Indonesia seen as marine risk
29 October 2002
Lloyd’s underwriters have reacted to the worsening security situation in Indonesia by placing the entire country under special premiums…
US life companies aren’t too bad: S&P’s
29 October 2002
Standard & Poor’s is continuing to slash the ratings of US life insurance companies, but now it’s tempering its actions with soothing words…