UK/SWITZERLAND: LOGGERHEADS OVER TAKEOVER BID

Article Abstract:

The Anglo-Swiss insurance group, Allied Zurich, are facing problems, as its UK and Swiss sides cannot agree on its plan for its GB [pound] 7bn takeover bid for Royal & Sun Alliance (RSA). The UK side is very keen for the deal to go ahead, while the Swiss side believes the UK side of the business which consists of Allied Dunbar on life and pensions, Eagle Star on general insurance, and Threadneedle a separate asset management operation are all under performing. The Swiss side believes the UK needs to improve its work performance before the group takes on another UK business. Also the Swiss side does not feel that Allied Zurich could afford to bid for RSA on its own and would need financial baking from Zurich.

Canada, Switzerland, Zurich, Switzerland (City), Allied Zurich PLC, Security Insurance Company of Hartford

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A risk too far?

Article Abstract:

The terrorist attacks on the World Trade Centre and the Pentagon will create significant challenges for Lloyd's of London because of the scale of the claims. Lloyd's believes that it will be able to manage the losses within the structure of its $27 billion capital base, but some observers anticipate that some of the 108 syndicates will collapse because of the burden of terrorist-related claims.

INSURANCE CARRIERS

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UK: LLOYD'S EYES PLAN TO ENHANCE TRANSPARENCY

Article Abstract:

Lloyd's of London is looking to enhance the transparency of the UK insurance market by offering one-year accounts, it emerged on 30 June 2000. The system, currently the focus of a feasibility study, would operate alongside the existing system and a decision on whether to formally proceed will be made by September 2000.

United Kingdom, Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers

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