Stop press... Gerling downgrade

Gerling downgrade
Standard & Poor's has lowered its long-term counterparty credit and insurer financial strength ratings of Gerling to A from A+.

Standard & Poor's credit analyst Laura Santori said: "The downgrade is based on continuing difficult economic conditions - particularly in Germany, one of Gerling's main markets."

Chubb on review
Moody's has placed the long-term debt and insurance financial strength ratings of Chubb on review for possible downgrade.

The ratings agency said the move was spurred by concerns over the company's exposure to asbestos and catastrophe losses.

In its third quarter earnings, Chubb announced a charge of £401m to strengthen reserves for asbestos claims.

New Carole Nash
Specialist motorcycle insurer Carole Nash is launching a new image, which includes a new logo, colour scheme and website makeover, to reflect its diversification into new areas.

Carole Nash's marketing manager Warren Dickson said: "With our product portfolio now spanning modern motorcycle plus classic and mainstream car insurance, it had become dated."

Groupama boost
Rating agency Standard & Poor's has affirmed Groupama's A-rated long-term insurer financial strength and counterparty credit ratings.

Amlin debt renewal
Amlin has announced the renewal of its debt facilities in a bid to support its underwriting plans for 2003.

Amlin said its future plans will be underpinned by bank facilities which have been increased from £39m to £60m, and are available for the next two underwriting years.

TT's Webster returns
Andrew Webster has returned to the TT Club's London office from Dubai in a bid to strengthen its loss prevention.