P&I ratings drop
Standard & Poor's ratings for protection and indemnity (P&I) clubs have fallen.
The Marine Mutual Report 2003 found the stable outlook established in 2002 had to be aligned with the negative outlook assigned to the weaker companies.
Ratings are likely to decrease across the group during the next three to five years despite the promise of double-digit rate increases for the year ending 20 February.
Mid net worth
Broker Network Underwriting has launched its first mid net worth policy. The product will be underwritten by Charrington Insurance.
IMG cricket win
The Commercial Court has judged in favour of various contingency market insurers in a claim relating to the cancellation of the Sahara Cup cricket tournament in September 2000. Inter-national Management Group (IMG) brought a claim for losses incurred due to the cancellation of the tournament, which was due to have taken place between India and Pakistan in Toronto.
World Trade Centre leaseholder Larry Silverstein has claimed New York City officials are undermining his effort to finalise an insurance settlement.
Silverstein also complained in the New York Times that, despite his legal obligation to rebuild the centre, he has been "shut out" of the planning process.
US law for asbestos
Legislation aimed at curbing asbestos lawsuits has been introduced in the US Senate.
The plan, introduced by Senate budget committee chairman Don Nickles, would limit asbestos personal injury claims by setting medical criteria. Nickles' bill would use American Medical Association criteria.
HNW in London
Zurich's high net worth division, Private Clients, has opened a London office.