Risk, Re-/Insurance and Future Thinking
From the category archives:
Today was my last day with the old firm. I learned a lot while I was there, but an opportunity came up that was too good to let go. As from 5 January 2009, I shall be with the London office of Sedgwick Detert Moran & Arnold LLP. I used to work with Mark [...]
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From the WSJ via Clusterstock, it seems that even investors who cashed out of Madoff’s schemes ahead of time may have to divvy up. [B]ecause Madoff is thought to have run a Ponzi scheme, investors could get money back from other Madoff investors who already took money out,” said Brad Alford, who runs Atlanta-based investment adviser [...]
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Last year, Jim Beresford was the top earning solicitor in the UK. Now, he and fellow Beresfords partner Doug Smith have been struck off for dishonesty in dealing with miners’ compensation claims. The Solicitors Disciplinary Tribunal ruled that they entered into a “sham” arrangement with the UDM, failed to act in the best interests [...]
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The excellently immodestly-named “Reinsurance Guru” (aka “1212″ ??) has rejigged and redesigned his website. Go see, as it’s a good source of fast-moving news from the industry.
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Citi analyst Joshua Shanker said reinsurers might get rate increases of as much as 10 percent for 1/1 renewals. Shankar cited the following factors: investment losses, large storms, accumulated casualty loss trends and financial difficulties faced by several of the industry’s largest commercial insurers and reinsurers as explaining the position, to which I would also add the [...]
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A couple of years back, Hiscox were all for Bermuda. Now they are pulling out and expanding in the US. What gives?
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As from 1/1 Amlin will be out of the credit insurance market (Source: FT). While they only have less than 5% market share, it’s a further indication of difficulties in the sector, and perceived difficult times ahead for the wider economy. CEO, Charles Phillips, said that while getting reinsurance for credit insurance was becoming more [...]
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Just when the financial world is giving us severe grief, it looks like we are going to get bitten by Peak Oil, after all. The International Energy Agency is shortly to publish its annual World Energy Outlook (12 Nov) but the FT has a sneak preview. Basically: without investment, the natural annual rate of output decline is 9.1% even [...]
NY State is in for some hard times, according to its governor, David Paterson. [M]ore than 160,000 New Yorkers will lose their jobs during this downturn and the unemployment rate, now 5.8 percent, will reach 6.5 percent. He said personal income is projected to decline 1 percent in 2009 and wages will drop 2.1 percent. By [...]
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ReRisk now with added Twitter — see Rapido News items in the side bar over there —>
