$90 billion later, US acts on asbestos claims
25 February 2003
The US Senate has introduced legislation intended to cut back the horrendous onslaught of asbestos suits rocking the insurance industry…
International
ING makes no promises after good 2002
25 February 2003
Dutch giant ING has recorded an operational profit for 2002 of $7.62 billion, almost equal to its 2001 results, but has refused to make any predictions for this year…
Americans support move to lower medical liability payouts
25 February 2003
A US poll shows that nearly 60% of Americans support the introduction of legislation to limit medical liability payouts…
British brokers get an FSRA-style ‘nightmare’
18 February 2003
Britain is following Australia into a complete overhaul of the general insurance industry, with the Financial Services Authority announcing that it will begin regulating general insurance…
AIG will post a profit despite losses
18 February 2003
After a shocker last week – announcing a $3.6 million charge for boosting claims reserves – AIG said this week it still expects to record a 2003 profit of around $16.6 billion…
Scor scores
18 February 2003
French Reinsurer Scor has recorded a 2.6% increase in gross written premiums for 2002, totalling around $9.1 billion…
Willis ends 2002 with a record
11 February 2003
Third-largest broker Willis is continuing its steady growth under Chairman and CEO Joe Plumeri, with record earnings for the last quarter of 2002…
Swiss Re and Silverstein at it again
11 February 2003
The long-running legal dispute between property tycoon Larry Silverstein and Swiss Re over the World Trade Centre insurance isn’t over – it’s just getting nastier…
Chubb profits down
11 February 2003
US insurer Chubb reported a full net income of $95.85 million for the fourth quarter of 2002, almost doubling last year’s results of $48.6 million…
Lloyd’s has a ring of confidence
04 February 2003
The Lloyd’s PR machine has a habit of making things sound impressive, but there was no doubting the new confidence in the market shown by Chairman Lord Levene describing it as…
Insurers on solvency alert in Europe
04 February 2003
Insurance stocks stayed low throughout January in Europe, and that’s likely to cause plenty of problems for the increasingly cash-strapped insurers…
Enron collapse lands US insurers in court
17 December 2002
The collapse of US energy giant Enron sparked a series of long and bitter court cases involving American insurers…
WTC terrorist attack was one event
17 December 2002
The terrorist attacks on the World Trade Centre last year were adjudged by a New York court to be one event…
Terrorism law passes US Congress
17 December 2002
The Terrorism Risk Insurance Act finally won passage through the US Senate at the end of November…
Lloyd’s on the way up, again
10 December 2002
Things are looking up for Lloyd’s, says CEO Nick Prettejohn…
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%…
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…