Europe Intelligence Wire articles from February 2006

Europe Intelligence Wire archives from February 2006

Editorial - That didn't hurt!
February 1, 2006... (From Reinsurance) Byline: Mark Geoghegan, editor, mark.geoghegan@incisivemedia.com. Dear friend, The toughest and most exciting renewal season for five years has come and gone, and now it's time to sit and take stock. The trouble...

News - Catlin Group revises hurricane losses.
February 1, 2006... (From Reinsurance) Catlin Group has completed its initial estimate of losses arising from Hurricane Wilma, and has reviewed its loss estimates for hurricanes Katrina and Rita. The company estimates its losses from Hurricane Wilma to be...

News - Aon UK to close several offices.
February 1, 2006... (From Reinsurance) Aon UK has completed a review of its regional property portfolio and has announced that it will be closing a number of offices in the UK. Aon's new property strategy is designed to support the changes the company is...

News - XL Capital denies O'Hara claims.
February 1, 2006... (From Reinsurance) XL Capital has denied reports that chief executive Brian O'Hara is under pressure to resign from his position. The reports included comments by Citigroup analyst Ron Frank, who claimed that Mr O'Hara is facing...

News - Takaful Re starts operations at DIFC.
February 1, 2006... (From Reinsurance) Takaful Re has been licensed by Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC). Dr Omar Bin Sulaiman, director-general of the DIFC Authority, said, "This is...

News - JLT Re starts up.
February 1, 2006... (From Reinsurance) Jardine Lloyd Thompson Group has announced that JLT Re commenced trading on 1 January 2006. JLT Reinsurance Brokers, which trades as JLT Re, is a separate and dedicated reinsurance broker, and a subsidiary of the...

News - NY attorney general strikes again.
February 1, 2006... (From Reinsurance) New York attorney general Eliot Spitzer and Insurance Superintendent Howard Mills have announced an agreement with a leading US consulting firm specialising in life, accident and disability insurance to resolve...

News - 2006 hurricane season to be stormy, claims forecast.
February 1, 2006... (From Reinsurance) Climatologists at Colorado State University have predicted that the 2006 hurricane season will be "very active", but fewer hurricanes will make landfall than in 2005. According to William Gray, who has been making...

News - Ratings and capital round-up.
February 1, 2006... (From Reinsurance) The end of 2005 and the start of 2006 were busy times for the reinsurance market, as it coped with a series of ratings changes and capital raisings. A summary of the high, low (and lower) points follows. AM Best has...

News Focus - DIMA denies lobbying against EU standards.
February 1, 2006... (From Reinsurance) The Dublin International Insurance & Management Association (DIMA) has rejected claims that it has lobbied the Irish government not to accede to European Commission (EC) Directorate proposals to introduce mandatory...

News Focus - Aon's new political risk map highlights 23 dangerous countries.
February 1, 2006... (From Reinsurance) Investors will not be trading in a safer world in 2006, despite twice as many countries experiencing political-risk upgrades as downgrades in Aon's 2006 Political & Economic Risk Map. The map reveals political...

News Focus - Spitzer releases report on 'Hank' Greenberg allegations.
February 1, 2006... (From Reinsurance) New York attorney general Eliot Spitzer has released a formal report on the alleged abuses carried out by former AIG chief executive officer Maurice 'Hank' Greenberg and other executors of the late Cornelius Vander...

News Focus - Lloyd's raises upper disaster limit.
February 1, 2006... (From Reinsurance) Lloyd's of London has raised the upper limit on a string of Realistic Disaster Scenarios (RDS) for the start of 2006. The Florida Windstorm RDS, Gulf of Mexico RDS and USA Windstorm RDS will now be specified as...

News Focus - Senate passes TRIA extension bill.
February 1, 2006... (From Reinsurance) In a unanimous consent vote, the US Senate has passed the Shelby/Dodd TRIA extension compromise bill, S.467, which includes the "Make Available" stipulation requiring that insurers make coverage available to...

News Focus - Benfield issues update predicting future reinsurance capacity.
February 1, 2006... (From Reinsurance) Benfield Group has issued an update on current market conditions and provisional comments on the trading period just ended. According to Benfield, changes in the competitive landscape for insurance and reinsurance...

News Focus - Lloyd's Lord Levene calls for end to trade barriers post-Katrina.
February 1, 2006... (From Reinsurance) Barriers to trade must be removed to permit foreign reinsurers to lend more support in the event of another mega-disaster such as Hurricane Katrina, Lloyd's Chairman Lord Levene told New York business leaders. ...

News Focus - Fitch warns of German new business slowdown.
February 1, 2006... (From Reinsurance) Fitch Ratings has warned of the consequences of an ongoing reduction in new business of German life insurers. The agency's comments were made during its Credit Outlook 2006 conference, hosted in Frankfurt. When...

News Focus - Lloyd's launches new plan.
February 1, 2006... (From Reinsurance) Lloyd's Franchise Board has set out the market's goal to be the "platform of choice" for large and specialist property/casualty risks. The aim is to make sure that, with increasing competition, Lloyd's is seen as an...

News Analysis - The market divide sees 'Old Europe' come into its own.
February 1, 2006... (From Reinsurance) So who won and who lost the battle of this year's renewal season? This is the inevitable question that comes up as the last of the renewal briefings draws to a close and the cover notes go in the post. This year...

Rethink - A curate's egg of a year.
February 1, 2006... (From Reinsurance) Fresh from the Christmas and New Year break, Reinsurance shook off the remains of the turkey, took a few aspirins for the hangover, turned the Christmas tree into wood chips and plunged straight into finding out what the...

Inside View - Ready for an atomised market?
February 1, 2006... (From Reinsurance) Byline: Edmund Megna is vice-chairman of Guy Carpenter. As we all learned during Hurricane Katrina, the mighty Mississippi river splits up into multiple channels in the coastal lowlands of lower Louisiana and...

Inside View - Does global warming mean more frequent and severe earthquakes?
February 1, 2006... (From Reinsurance) Every newspaper in the western world showed the human and material toll inflicted by the 7.6 Richter-scale earthquake that devastated Pakistan on 8 October 2005. But the 23 aftershocks that cruelly added to the region's...

Interview - Why the class of 2005 will find it hard to write a balanced book.
February 1, 2006... (From Reinsurance) MG: What's happening to rates in your specialty lines? NB: Talking insurance, one of the major factors of course has been the 2005 hurricanes. And here, even for the classes of business that haven't been...

Tech report: Natural catastrophes - The real 'Day After Tomorrow'?
February 1, 2006... (From Reinsurance) It's always been tempting to look back at the end of the year and assess just how bad it was for the planet in general in terms of natural disasters - and 2005 was a bad one, but it could have been much worse. In...

Civil commotion - Civil unrest.
February 1, 2006... (From Reinsurance) First, it is important to distinguish unrest from other types of risks. There are several ways of expressing discontent, many of which are nonviolent, though some are still disruptive. Discontent can also be...

Sidecars - Sidecars: bolt-on capacity for an uncertain world.
February 1, 2006... (From Reinsurance) There is a new word that will have to be added to business dictionaries from the new company formations post Hurricane Katrina - the sidecar. This is a new kind of reinsurance vehicle where a sponsor reinsurer has...

Renewal Round-up - Seasonal Fluctuation - Why this hyped renewal season is such an anticlimax.
February 1, 2006... (From Reinsurance) Fear and greed are sometimes said to be the main drivers of the reinsurance underwriting cycle and the 2006 renewal was widely expected to bring out the worst in the market - on the first count at least. Following...

Renewal Round-up - The Willis View - A Tale of Two Markets.
February 1, 2006... (From Reinsurance) Hurricanes Katrina, Rita and Wilma have left part of the insurance and reinsurance world reeling. I deliberately say 'part' because currently, we have reinsurance markets such as retro, marine, energy and US property in...

Renewal Round-up - Allstate triples its reinsurance spend in light of Katrina.
February 1, 2006... (From Reinsurance) Previously minimal reinsurance buyer Allstate has performed a dramatic reappraisal of its reinsurance needs post-Katrina. The giant US direct insurer has decided to reinsure a much larger share of a country-wide...

Renewal Round-up - Amlin's catastrophe renewals see large rate increases.
February 1, 2006... (From Reinsurance) The Lloyds' (re)insurers' syndicate 2001 wrote 2% less in 2005 than 2004 after taking into to account the reinstatement premiums. It said the average renewal-rate reduction for 2005 was 4%, weighted across premium by...

Cycle management - Why cycle - Management is not just for soft markets.
February 1, 2006... (From Reinsurance) In a marketplace bustling with new start-ups, pre-empted Lloyd's syndicates and re-capitalised companies, it is hard to believe that as recently as last summer, cycle management was the buzzword for an industry...

Legal - Whatever happened to the concept of 'utmost good faith'?
February 1, 2006... (From Reinsurance) The US perspective The concept of utmost good faith traces its origins to marine insurance and English law. The US Supreme Court adopted the doctrine in a primary insurance context in 1828, and in 1837 a New York...

Re-sume - Don't always expect fair play.
February 1, 2006... (From Reinsurance) When did you start in the business? I started my career in 1964 as an apprentice at Jauch & Hubener. Young people today would scarcely believe what our working conditions were like then. If you wanted to make...

Re-sume - Recruitment moves.
February 1, 2006... (From Reinsurance) David Merry has joined CJ Coleman from Arthur J Gallagher, where he was chief operating officer. Subject to regulatory approval, he will assume the role of chairman designate of the board. He brings with him a wealth of...

Diary.
February 1, 2006... (From Reinsurance) February 2006 6-7: Directors and Officers Liability and Insurance - Toronto Board of Trade, Toronto, Canada +1 (212) 286 9292 pd@rims.org www.rims.org 9-10: Workers' Compensation Management - The Harbour Club,...

Lack of reports hindered industry accidents probe.
February 1, 2006... (From Lloyds List) Byline: Sandra Speares INVESTIGATIONS into a recent spate of accidents on chemical tankers was hindered by limited availability of casualty reports, the Inter-Industry Group set up to consider the issue said...

Brussels links casualty to liability plans.
February 1, 2006... (From Lloyds List) BRUSSELS attempted to capitalise on the chemical tanker collision in the Channel yesterday by linking it to European Commission plans for a new liability regime. Proposals turning international conventions, in...

Listing chemicals tanker towed to safety after collision with bulker.
February 1, 2006... (From Lloyds List) Byline: Holed Ece abandoned by crew in Channel but no pollution detected, writes Andrew Spurrier A BADLY holed Turkish-operated chemicals tanker was being towed towards the French port of Le Havre yesterday evening...

Egypt proposes fresh laws to open up to foreign underwriters.
February 1, 2006... (From Lloyds List) Byline: Lord Mayor of London is encouraged by plans to foster closer links with the UK EGYPT is set to open the doors wider to foreign insurance companies and to double the participation of the specialist sector in...

Validus savours a good start with premiums of $220m.
February 1, 2006... (From Lloyds List) Byline: James Brewer A NEW reinsurance company backed by former Marsh chairman Jeffrey Greenberg has reported a strong start to its operations. Mr Greenberg's private equity firm Aquiline Capital Partners is...

North of England club to weed out poor risk fleets.
February 1, 2006... (From Lloyds List) Byline: Other clubs in International Group likely to tread same path to keep claims at manageable level, writes James Brewer NORTH of England P'I Club is planning to eject some of its shipowner members in the...

Opec to maintain production levels.
February 1, 2006... (From Lloyds List) Byline: Martyn Wingrove MAXIMUM oil production from the world's top exporters will continue into the second quarter, allowing refiners to stock up to cover booming demand. As predicted, the Organisation of...

Channel collision sends warning to liability insurers.
February 1, 2006... (From Lloyds List) Yesterday's serious casualty in the English Channel is a sharp reminder to liability insurers that their claims year, due to end on February 20, may harbour nasty late surprises. Experts in the protection and...

Costa ships in Arabian cruise first.
February 1, 2006... (From Lloyds List) Byline: John Mclaughlin IN what it described as a first for the international cruise industry, Genoa-based Costa Crociere is to launch a new Arabian Gulf itinerary departing from Dubai. Two vessels the Costa...

Mumbai seeks go-ahead for $34.5m greenfield cruise terminal.
February 1, 2006... (From Lloyds List) Byline: Shirish Nadkarni MUMBAI Port Trust is seeking consultants to prepare a detailed feasibility report for the construction of a privately funded Rs1.53bn ($34.5m) greenfield cruise terminal on a 30-year...

TallOil plans to grow capacity at Teesport.
February 1, 2006... (From Lloyds List) Byline: Felicity Landon BIOFUELS producer Tall-Oil, which has set up a UK storage and distribution facility for wood pellets at Teesport, plans to expand its storage capacity at the port from 7,000 tonnes to 60,000...

Security laws must be more receptive says OSG's Esposito.
February 1, 2006... (From Lloyds List) Byline: Shipowners and regulators must work together, writes Rajesh Joshi in New York A US-based shipowner's inability to rotate US-citizen crews at US harbours, due to enforcement actions by local ports or private...

Liverpool links up with Montreal port.
February 1, 2006... (From Lloyds List) MEDITERRANEAN Shipping Company is to launch a weekly container service between the Liverpool and Canada, in co-operation with Maersk Line, writes Felicity Landon. The service, starting on February 27, will link the...

MIF urges Brussels to scrap 'unrealistic' transport blueprint.
February 1, 2006... (From Lloyds List) Byline: Forum issues call to abandon plan ahead of review of EC white paper, writes Justin Stares MARITIME industry leaders yesterday called for the European Commission to abandon 'unrealistic' plans to intervene in...

Asian break leaves aframaxes in limbo.
February 1, 2006... (From Lloyds List) Byline: Justin Stares in Brussels Tankers ASIAN holidays left brokers in the Mediterranean twiddling their thumbs yesterday. Those who were at work sent each other messages of goodwill for the new Chinese...

Tanker Fixtures.
February 1, 2006... (From Lloyds List) CLEAN Middle East Gulf to Chittagong Mount Rainer, 33,000t, W495, Feb 9. (KPC) Black Sea to Mediterranean Horizon A, 25,000t, W410, Jan 29. (Charterer not reported) Sicily to Mediterranean Chinook, 30,000t,...

Sums redone pending Kamsarmax debut.
February 1, 2006... (From Lloyds List) Dry Trade ANALYSTS continued to dance with supply and demand figures yesterday on the lacklustre panamax dry trade, writes Justin Stares. One, Phillip Rogers from UK trading house Galbraiths, pointed out that a...

How US ports can make their way up the queue for federal grants.
February 1, 2006... (From Lloyds List) CUT-THROAT jockeying is set to begin among US ports for some $175m of federal grant money expected to be doled out during fiscal 2006 under the port security grants programme, writes Rajesh Joshi in New York . A...

Marseilles bids to secure UNB takeover of drydocks.
February 1, 2006... (From Lloyds List) THE port of Marseilles is to enter into negotiations with Boluda group subsidiary Union Naval Barcelona in an effort to conclude a long-term contract which will give the Spanish company full operational control of its...

Dry Bulk Fixtures.
February 1, 2006... (From Lloyds List) Ore Nouadibhou to Trieste Blue Coral , 60000t, $7.75 per tonne, fio 2 days sc'5 days sc, Feb 4-10. (Duferco Lugano) Yiosonas (135,364 dwt, 14'53L 14.5'53B, 1992-built) delivery Beilun Feb 1-3, redelivery South...

Rosneft asks ONGC to part-underwrite its IPO.
February 1, 2006... (From Lloyds List) Byline: Russian giant invites Indian public sector explorer to help out in return for long term tie-up, writes Shirish Nadkarni IN WHAT could turn out to be one of the most innovative financial deals in 2006,...

Maersk launches weekly Australia'Southeast Asia service with Europe relay.
February 1, 2006... (From Lloyds List) Maersk is to launch a new weekly Australia'Southeast Asia service in April to replace both P'O Nedlloyd's former AAX connection to Singapore, and the P'O Nedlloyd westabout service to Europe on the former ANZ Alliance,...

US futures rally raises wheat pool estimate.
February 1, 2006... (From Lloyds List) AWB Ltd has increased the estimated pool returns for hard wheat in the 2005-2006 National Pool this week, following a recent rally in US wheat futures, reports Lloyd's List DCN in Australia. Hard wheat pay grades for...

Sales rise for India's top explorer but Bharat and Hindustan's fortunes fall.
February 1, 2006... (From Lloyds List) EVEN as the bottom line of India's leading explorer-producer Oil ' Natural Gas Corp rose by 11% for the third quarter of fiscal 2005-06, two of the country's leading refiners, Hindustan Petroleum and Bharat Petroleum,...

It's those human factors again.
February 1, 2006... (From Lloyds List) THE report by the industry study group into a number of serious explosions on chemical and product tankers contains much that is of significance. But it has also reminded us, almost incidentally, that there is much that...

Iridium strikes back in attack of the phones.
February 1, 2006... (From Lloyds List) Byline: Communications company's star is in the ascendancy as recovery from Chapter XI bankruptcy has put it back in business, favour and fashion, writes Neville Smith IF ALL publicity is good publicity, provided...

New Rotterdam law practice can call on expertise of former NautaDutilh specialists.
February 1, 2006... (From Lloyds List) Byline: Maritime and commercial team to go it alone as Van Steenderen Mainport Lawyers, writes Helen Hill A new law firm has launched into the Dutch market, created by three former NautaDutilh lawyers. Located...

Enterprise considers appeal as it loses cancellation case.
February 1, 2006... (From Lloyds List) A claim of $25m by Enterprise Oil against captive insurer Strand Insurance Company was dismissed by the commercial court in London last week, writes Sandra Speares. At issue was the cancellation of the charter of...

Future looks bright with yet another new owner.
February 1, 2006... (From Lloyds List) Byline: Changing hands will not dent confidence based on a record year for throughput, writes Felicity Landon WITH steel volumes climbing rapidly and major investment in steel production on Teesside, a new import...

European court to hear working time challenge.
February 1, 2006... (From Lloyds List) A legal challenge to the UK's working time practices that could have widespread ramifications for UK-based companies moved to the European Court of Justice last week. The court is set to review the category of...

North Sea Supply Base in demand for fabrication.
February 1, 2006... (From Lloyds List) ALL three large halls on the North Sea Supply Base at Middlesbrough are being used for fabrication projects and owner AV Dawson says there is continuing high demand for facilities in which to carry out offshore-related...

Teesport benefits as Asda boxes start to flow.
February 1, 2006... (From Lloyds List) THE decision by supermarket chain Asda to build a GBP20m ($35.4m) import centre at Teesport is already having a positive impact on container throughput at the port, says PD Ports' group development director, Martyn...

'Ghost ships' in limbo as Able UK awaits approval for recycling.
February 1, 2006... (From Lloyds List) THE four 'ghost ships' from the US Reserve Fleet still await dismantling and recycling, and Able UK's other plans for its facilities near Hartlepool also remain in limbo, as the company's proposals work their way...

Asbestos cases can go to House of Lords.
February 1, 2006... (From Lloyds List) LONDON'S Court of Appeal has given leave for an appeal to the House of Lords after workers with pleural plaques due to asbestos exposure lost their right to compensation, writes Sandra Speares. The appeal court...

Piracy focus 'has subtly switched to war on terror'.
February 1, 2006... (From Lloyds List) Byline: Barrister urges enforcement of anti-pirates law, writes Sandra Speares Difficulties with the suppression of piracy relate more to enforcement of existing legislation than a lack of law on the topic,...

Heerema keeps busy.
February 1, 2006... (From Lloyds List) THE 10,000 tonne Nexen Buzzard Utilities deck is nearing completion at the Heerema Hartlepool yard and is due to sail away in the first week of March. Heerema is also working on two modules for ConocoPhillips'...

Hartlepool pipes its way back on the map.
February 1, 2006... (From Lloyds List) THE contract for transhipment, handling and temporary storage of 28,000 coated line pipes for the Ormen Lange gas field helped Hartlepool Docks to a major growth in volumes last year. Throughput is thought to have...

DNVPS Bunker Quality Report.
February 1, 2006... (From Lloyds List) DNVPS Bunker Quality Report U'F = unfilterable This Bunker Quality Report is based on samples analysed by DNV Petroleum Services and is an abstract from their more detailed fuel quality statistics publication...

Seal Sands LNG project moves a step closer.
February 1, 2006... (From Lloyds List) PLANS by ConocoPhillips to build a liquefied natural gas regasification facility on its site at Seal Sands on Teesside are understood to be going through a feasibility study. ConocoPhillips announced in December that...

Geest pullout boosts P'O Ferries ro-ro link.
February 1, 2006... (From Lloyds List) VOLUMES are booming on P'O Ferries' ro-ro freight services out of Teesport, served by the Norsky and Norstreamon the Zeebrugge route, and the Norking and Norqueen on the Rotterdam route. Much of this is due to Geest...

OBC website adds value to port info.
February 1, 2006... (From Lloyds List) A WEBSITE designed to collate in-port information from third parties anywhere in the world was developed by OBC Shipping to meet the requirements of one of the oil majors but is now widely used for other projects, says...

Ignore the nuts and bolts of officer training at your peril.
February 1, 2006... (From Lloyds List) Byline: Richard Woodman Quarterpoints THE British shipping industry is feeling chipper with itself and with some reason, I gather. Although British officers remain expensive in the international...

Hansen Weekly Bunker Report.
February 1, 2006... (From Lloyds List) Hansen Weekly Bunker Report January 24, 2005 Compiled for Lloyd's List by Egil Bjorn-Hansen, Oslo CONTINENT: Soft. AFRICA'MIDDLE EAST: Soft. FAR EAST : Singapore soft. Japan and Korea steady....

Last Word.
February 1, 2006... (From Lloyds List) Titanic struggle QUITE a storm has blown up around Bernard Hill, who played Captain Edward Smith in the blockbuster film Titanic. Hill has livedfor the past 10 years in rural Suffolk, which he says he loves for its...

Gas Market Report.
February 1, 2006... (From Lloyds List) NORTH WEST EUROPE: The large cargo propane numbers have not held up as long as players expected them to on the back of the cold weather across Europe. With resumption of production back to normal at North sea terminals...

Croatian ferries feel EU pinch.
February 1, 2006... (From Lloyds List) Byline: Jadrolinija employees feel threatened by proposed legislation to pave the way for EU integration, writes John McLaughlin CROATIAN transport officials have strongly defended a proposed new shipping law,...

Czech press survey.
February 1, 2006... (From Czech News Agency) PRAGUE, Feb 1 (CTK) - Though the mills of God grind slowly, they grind exceeding small, Jiri Franek writes in the daily Pravo today, referring to the report on the CzechTek 2005 music festival released on Tuesday...

Putin Defends Strong Presidential Rule.
February 1, 2006... (From The Moscow Times) President Vladimir Putin told a packed audience of reporters in the Kremlin on Tuesday that Russia needed strong presidential rule, as political parties were still too weak to form the government, but stayed silent...

Joking With Blondes, Sparring With Critics.
February 1, 2006... (From The Moscow Times) During some of the lighter moments of his news conference Tuesday, President Vladimir Putin sent his greetings to all blondes, confessed that he liked audio books, agreed to lend a journalist his vintage car for a...