Shareholders of Limit Plc have tendered a total of 89.6 percent of their shares to Australia’s QBE Insurance Group, the successful bidder for the Lloyd’s underwriter and syndicate manager with its 140 pence ($2.24) bid last June. Pending only regulatory …
The new standards that brokers from the United Kingdom and overseas will have to meet in order to trade on the Lloyd’s of London insurance market will be announced in October. The date for the announcement has been set by …
The ongoing battle between Wellington Plc and Australia’s QBE Insurance Group for control of Lloyd’s insurer Limit Plc has been decided in favor of the Aussies, as Limit’s directors reversed their previous recommendation in favor of Wellington, and endorsed QBE’s …
The ongoing battle to acquire Lloyd’s insurer Limit Plc continues to heat up as both contenders, Australia’s QBE and London insurer Wellington Underwriting Plc, upped their offers by as yet undisclosed amounts. QBE had already offered 135 pence (about $2.03) …
Standard & Poor’s announced several changes in ratings and outlook for insurers over the past week. Those concerning non-U.S. companies were as follows: SCOR Re: S & P took the company off the “credit watch” announced April 14. Despite disappointing …
While awaiting Wednesdays vote on PNTR in the House of Representatives, China continues to draw closer to membership in the World Trade Organization (WTO). On Monday, Australia and China formalized an agreement that had been accepted in principle last year. …
Lloyd’s insurer Limit Plc has received an unsolicited bid from Australia’s QBE Insurance Group. The offer valued Limit, which had earlier announced its intention to merge with Wellington Underwriting, at £320 million ($ 496 million), and called into question the …
Driven in part by 1999’s particularly poor results, and perhaps encouraged by the recent mega-merger announcements from Europe (CGU-Norwich Union and Deutsche Bank-Dresdner Bank), Australia’s insurance/ banking/financial services sector seems set to go in the same direction. On March 10, …
Monsoon driven rains continued to dump water on central and Northeastern Australia, knocking out bridges, flooding highways and isolating many small communities. The Thomson River was expected to crest at 6 meters (19.8 feet) on Thursday, its highest level on …
Large losses have reduced Reinsurance Australia’s capital to the point that it no longer meets the requirements for its Australian reinsurance license, thus forcing the company to formally stop writing new business. Re-Australia estimated the 1999 net loss at Aus …
