Claims
XL downgraded by Fitch
Fitch Ratings has downgrades Bermudian (re)insurer XL Capital and its property/casualty (re)insurance subsidiaries, including the Issuer Default Rating (IDR) for XL to 'BBB+' from 'A', and the Insurer Financial Strength (IFS) rating of its core operating…
XL has no need to seek additional capital at this time: CEO
XL's chief executive Michael McGavick has again sought to scotch rumours that the beleagured Bermudian (re)insurer may be on the brink of collapse.
Ace raids AIG to boost environmental arm ahead of directive
Ace Europe has strengthened its environmental risk team with the appointment of Chris Strong as environmental risk underwriter. This appointment comes in advance of the forthcoming implementation of the EU Environmental Liability Directive in the UK.
Swiss Re says Madoff exposure less than 3m CHF
Swiss Re, the Swiss reinsurance giant, said that it has less than 3m CHF of "immaterial indirect" exposure to funds run by disgraced fund manager Bernard Madoff through its hedge fund investments.
US (re)insurer to delist from NYSE
Hartville, the US (re)insurer, said that it intends to voluntarily deregister its common stock under the Securities Exchange Act of 1934 and cease filing reports with the Securities and Exchange Commission prior to the end of 2008. In addition, the…
Lloyd's reinsurers examine exposure to $50bn fraud
Lloyd's casualty reinsurers are scrambling to find out whether they may be the final victims of disgraced Wall Street trader Bernard Madoff's $50bn fraud.
Ironshore makes acquisition
Acquisitive Bermudian insurer Ironshore has bought out Toronto-based reinsurer Marine Re.
Zurich in settlement with SEC
(BestWire) - The U.S. Securities and Exchange Commission filed a lawsuit against and simultaneously entered a $25m settlement with Zurich Financial Services. The lawsuit alleged civil securities fraud related to finite reinsurance transactions.
Nacho teams up with AMA for new credit hire group
The Accident Management Association and the National Association of Credit Hire Operators have formed a credit hire focus group to work together on delivering solutions to the challenges faced by the industry.
Kennedys continues expansion in West Midlands with new team
Law firm Kennedys has continued its expansion in Birmingham following the appointments of partners Eamon Mooney and Robert Welfare, solicitor Angela Fisher and trainee legal executive Julie Barnes from DLA.
Willis appoints new Brazil head
Willis has appointed José Otávio Sampaio as chief executive for Willis Brazil, one of the biggest growth areas for the global insurance broker. He will report to Eugenio Paschoal, CEO, Willis Latin America and former CEO of Willis Brazil.
XL says to expect further mark to market losses in Q4
XL, the Bermudian (re)insurer, said that it expects to report approximately $200-$220m in net investment fund affiliate losses from its alternative investment portfolio for the fourth quarter of 2008.
Does size matter?
Legal Focus: Review of the Year
Credit crunch link to rise in potential HNW fraud
Fraudulent property claims are on the rise as the impact of the credit crunch reverberates through a...
Now is the opportunity to play a pivotal role in risk
Risk and insurance managers have never had it so good. The need for firms to have good risk manageme...
Information fishing expeditions ruled out
Gwelhayl Ltd v Midas Construction Ltd and Bailey Partnership (Queen's Bench Division - 16 September 2008)
Credit hire case sets fraud claim precedent
Farrell and Short v Birmingham City Council and Direct Accident Management Services Ltd (Birmingham County Court - 1 October 2008)
Plaques bill could trigger U-turn
Financial wrangling could stop the Scottish government overturning a House of Lords decision to halt...
KGM: some CHOs are changing
Two appeal cases that found in favour of KGM Motor Insurance have supported insurers in their legal ...
EA hit by "but for" rule
The Environment Agency v Ellis (Court of Appeal - 17 October 2008)
Asbestos claims spike will be delayed
Nick Pargeter, partner at Berrymans Lace Mawer, gave insurers the lowdown on current theories explai...
Focusing in on the issues
Legal Focus: EL trigger decision
Year of adjustment
Review of the Year: Loss adjusting
Zurich: "Media has vital role"
The media has a vital role to play in the fight against fraud, according to Zurich claims fraud inve...