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April 2005/2

  • Following in the footsteps of its larger rivals Marsh Inc and Aon Corp, Willis has settled investigations into its business practices by New York attorney general Eliot Spitzer, the State’s acting insurance superintendent Howard Mills and Minnesota’s atto
  • Contract certainty has finally become a "hot" industry subject. Indeed, while market practitioners have long-criticised the industry's inability to consistently issue policy wordings on time, more recently regulators on both sides of the Atlantic have bec
  • Despite the hurricanes and regulatory investigations of the past year, ratings agency Standard & Poor's (S&P) said last week that it will maintain its stable outlook on the global reinsurance industry. It added, however, that there was a possibility of
  • Omega Underwriting Holdings Plc became the latest Lloyd’s insurer to become publicly listed when trading began in its shares on the London Stock Exchange’s Alternative Investment Market last week.
  • US banking giant Wachovia Corporation continued its strategy of growing its insurance presence with an agreement to acquire broker Palmer & Cay last week. Wachovia, which also owns a 40.86 percent stake in Lloyd’s broker Besso Holdings Ltd, will see it
  • Lloyd's specialist insurer Kiln posted record pre-tax profits of £38.1mn for 2004, an increase of 5 percent on 2003’s result. Gross written premiums rocketed by 17 percent to reach £313.5mn, but the company’s combined ratio rose to 86 percent against 2
  • World’s oldest insurance market Lloyd’s announced annual profits for 2004 of £1.36bn, 28 percent down on the £1.89bn it booked in 2003. But in the light of net claims of £1.2bn from the devastating US hurricanes that hit the Caribbean and Florida last
  • Rating agency AM Best has cut its financial strength rating on Bermudian reinsurer Inter-Ocean Holdings Limited to B++ (Very Good) from A- (Excellent), following the company’s announcement that it has ceased writing new business and is now in run-off.
  • Specialist Bermudian reinsurers RenaissanceRe Holdings Ltd and PartnerRe Ltd received another round of subpoenas from US regulators last week. The New York Attorney General Eliot Spitzer and the Securities & Exchange Commission are requesting informati
  • Commissions and contract certainty under spotlight as Kinnect wins support John Tiner, chief executive of UK regulator the Financial Services Authority (FSA), has turned the spotlight once again on the hot topics of contract certainty and commissions.
  • T Michael Miller became the latest St Paul Travelers’ executive to lead the organisation suddenly – despite only been promoted two months ago into a new role. St Paul Travelers announced today (11 April) that Miller will join White Mountain Insurance G
  • Marsh UK has published details of its new “model” designed to show greater transparency of its revenue structures after it abolished the controversial Placement Service Agreements (PSAs) last year. The broker says it has the agreement in principle fro
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