Hints and tips:
...In November, the Lloyd’s Market Association, a body that represents underwriters in London’s specialist insurance market, tried to address the uncertainty by publishing some model clauses for these exclusions...
...Underwriters privately argue that brokers can use their scale not only to push up commissions but to pressure underwriters to take on certain risks, or pay certain claims....
...payouts from Barclays, HSBC, Lloyds, RBS etc were safe....
...In Break up to make up, which looked at the potential for several European conglomerates to break up, we calculated the conglomerate discount at Prudential to be 22%, slightly higher than the European insurance...
...Insurance brokers queue up to sit on stools at the underwriters’ desks to discuss policies. Much of the work is still done on paper, sometimes with a rubber stamp....
...CDL v Millennium hotels: Singapore stand-off A simple question sits at the heart of a battle between one of Singapore’s richest men Kwek Leng Beng and a group of investors in UK-listed Millennium & Copthorne...
...Thanks to the hard work of everyone at Lloyds, we’ve turned the group around.”...
...Alastair MacLean, contingency underwriter at insurance agency Ark Syndicate, adds: “The growth in social media means that news and stories can spread very quickly....
...US court told PwC cut corners in Colonial audit Control+C, Control+V....
...Mr Greco worked at Zurich from 2007-12 as head of life operations and then general insurance....
...Typically, they’ll lay off risk either through syndicates at the Lloyd’s of London insurance market, or through big reinsurance companies....
...Underwriters at Lloyd’s of London are struggling to push through widespread premium increases even after enduring one of its costliest years for natural catastrophes, executives have warned....
...That keeps them trading at a significant discount to net asset value per share – an important valuation metric in the insurance sector – of 457p....
...Richard Ward, chief executive of Lloyd’s of London, the insurance market, adds it has become apparent global trade is susceptible to what used to be thought of as local events....
...The US government injected $180bn into AIG to rescue the insurer from certain collapse in 2008....
...Point two — Maersk hasn’t reported problems with its own tankers; Lloyd’s of London hasn’t seen a rise in insurance premiums for ships bound to Suez; etc....
...Tidjane Thiam emerged into the deep cold of downtown Manhattan late last Friday certain of only one thing: Prudential, the UK insurance company he had run for just five months, had at least been accepted...
...He also had a certain irreverence combined with an unusual sense of diplomacy....
...But the homogenising factor developed over the years was bond insurance....
...Lancashire could also aspire to raise capacity in certain areas of the market, such as offshore energy, after underwriters across the insurance and reinsurance market face more than $2bn of offshore losses...
...and sub-underwriters....
...As a largely insurance-based impact on banks, this will be limited to those banks with large insurance businesses (such as Fortis, ING, Lloyds TSB for example)....
...These could be more MGA deals, or acquisitions of specialist underwriters....
...Thanks.Pete, California Christian Stracke: Pete, very good point about the carnage still going on, especially in certain regions....
...Richard Harries, energy underwriter at Atrium, a Lloyd’s insurer, recently warned the cost of insuring offshore oil and gas facilities in the Gulf of Mexico could quadruple....
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