GLOBAL BRIEFSPosted On: Feb. 23, 1997 12:00 AM CST
Sedgwick Group P.L.C. is acquiring the 50% of River Thames Insurance Co. Ltd. owned by Transamerica Corp., taking to 99% its shareholding in the reinsurer, which has been in runoff since November 1996. Sedgwick is paying (British pounds) 12 million ($19.4 million), plus up to (British pounds) 2 million ($3.2 million) based on RTI's profitability for the five years to the end of 2001. Sedgwick's reinsurance recovery subsidiary, ReSolutions International Ltd., will handle the runoff of RTI, which has a book value of (British pounds) 28 million ($45 million). . . .The Channel Island of Guernsey registered a net increase of 28 captive insurance companies in 1996, taking its total to 335. . . .Denis Kessler, chairman of the Federation F rancaise des Societes d'Assurance, is taking over the role of senior executive vp of AXA-UAP Group from Dominique Bazy, who resigned suddenly this month. . . .Lloyd's managing agency Wellington Underwriting P.L.C. is taking over co rporate capital provider Premium Underwriting P.L.C. The deal, valuing Premium at (British pounds) 34.9 million ($56.4 million), will take the form of exchanging Premium shares for new Wellington shares. Wellington has (British pounds) 602 million ($972.4 million ) capacity for the 1997 underwriting year spread across five syndicates. Premium is currently providing (British pounds) 76.6 million ($123.7 million) capacity to 39 syndicates. . . .New York-based insurer Reliance National, part of Reliance Group Holdings Inc., has set up an alliance with Jakarta, Indonesia-based insurer PT Lippo General Insurance to distribute its products across Indonesia. . . .Pollution liability limits for shipowners belonging to protection and indemni ty clubs should remain at $20 billion, according to a report published by The Standard Steam-ship Owners' Protection & Indemnity Assn. (Bermuda) Ltd. The report, commissioned by The Maritime Economics Research Center in the Netherl ands, says a claim at the top end of the limit would be collectible and would not seriously disrupt the shipping industry. Last year is the first time the liability has had a limit put on it. . . . London-based insurance services pr ovider The Eastgate Group has taken full control of Allied Eastgate Claims Management Ltd. after the closure of loss adjuster Allied Claims Services Ltd., which had held a 20% share in the company. . . .Jonathan Kennett has joined Zurich International (UK) Ltd. as senior underwriter-global specialties, to develop a crime and liability book of business. He joined Zurich from AIG Europe (UK) Ltd., where he was assistant vp. . . .Ratings agency Standard & Poor' s Corp. has raised the claims-paying ability of X.L. Insurance Group to AA from AA-. . . .Electricity transmission supplier National Grid Co. has been ordered by the Pensions Ombudsman, which adjudicates pension member complaints, to repay (British pounds) 46.3 million ($74.1 million) into its pension plan. National Grid had transferred a surplus out of the plan to fund a redundancy program and has said it will appeal the Ombudsman's decision in the High Court.