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August 2010
Glacier Reinsurance, the European reinsurer, has announced today that the company’s existing portfolio will be placed in to an orderly run-off with immediate effect.
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Glacier Reinsurance, the European reinsurer, has announced today that the company’s existing portfolio will be placed in to an orderly run-off with immediate effect.
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The question of where or not the attorney fees of Allan Stanford and his co-defendants are covered by directors’ and officers’ liability (D&O) insurance is being debated in a three-day US bench trial.
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New York state judge has awarded US insurer Travelers $262.3m plus interest in a 17-year-old reinsurance asbestos coverage case, the facts of which date back to the late 1940s, reports CNBC.
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Bermudian run-off consolidator Enstar Group’s executive chairman, John Oros, has quit from his position and as a member of the board of directors.
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Tawa, a UK-based insurance service provider and run-off investor, has entered into a share purchase agreement to acquire 94.3% of the issued shares of Island Capital, a run-off credit and political risk insurer.
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UK life insurance consolidator Resolution’s pre-tax profit from continuing operations rose to £139m ($217m), as opposed to a £7m loss in 2009, The Wall Street Journal reports.
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The 22 members of the Association of Bermuda Insurers and Reinsurers have reported an improved compliance rate for insurance and reinsurance contracts.
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Chartis, Ace and Zurich, alongside BP’s other directors’ and officers’ liability insurers, could face substantial exposure to claims stemming from the Deepwater Horizon disaster, according to law firm Edwards, Angell, Palmer & Dodge.
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While capacity is still abundant in the aviation market, the string of losses in June and July look set to bring 2010 perilously close to a fourth consecutive year with limited returns for many underwriters, according to Aon.
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As the fifth anniversary of Hurricane Katrina approaches, the Property Casualty Insurers Association of America has released a white paper that shows the lessons learned from the event continue to have a profound effect on the industry.
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Deepwater Horizon will not be a market-turning event for the property/casualty insurance industry, according to Towers Watson. However, the insurance policies of all parties directly involved are likely to be exhausted and other corporations that were indirectly involved will be targeted.
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A New York monoline bond insurer has filed a lawsuit suit against its reinsurer for backing out of a contract and forcing the insurer to take responsibility for a bond insurance policy after the policy became risky and unprofitable, according to law firm Goldberg Segalla.
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July 2010
The US state of Rhode Island is reviewing the first-ever proposed discharge and liquidation of obligations of a solvent insurer in the US, according to law firm Morrison & Foerster.
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U2 frontman Bono's has cost his insurers £11m ($17m) since suffering from a slipped disk during rehearsals, reports UK newspaper The Sun.
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In an era of increasingly frequent, costly and uncertain litigation in the insurance and reinsurance industry, mediation offers a relatively inexpensive way for parties to resolve disputes, according to Katherine Billingham and Peter Scarpato, the CEO and president respectively of the Re/insurance Mediation Institute.
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Lloyd’s was once reviled for its Byzantine systems - but now it is leading the way with the new Lloyd's Exchange project. Progress on the Claims Transformation Project is also continuing apace.
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US property/casualty insurer Hanover Insurance Group has announced estimated second-quarter losses from catastrophes of approximately $85m.
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Aviation insurance looks set to deliver strong returns in 2010 for the first time in four years. However the line remains fragile and a single loss could lead to a dramatic change, according to an Aon report.
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Photos from the Reactions London Market Awards Dinner 2010, which took place at the Grange City Hotel on June 30, are now available for free download.
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BP, the UK oil company at the heart of the Deepwater Horizon disaster, last month asked Anadarko Petroleum and Mitsui Oil Exploration Company of Japan, to pay $383m out of around $1bn in cleanup costs for the well in May, the New York Times reported.