August 2004/2

Aon is set to challenge SBJ’s traditional hegemony for UK professional sports insurance after swooping to recruit two of its brokers.

Broker Willis Group Holdings has announced the launch of its Japan Global Retail Practice Group.

JLT is to establish a separately branded company to focus on business produced from independent retail sources, particularly in the US.

Bermudian Max Re today (2 August) announced second quarter earnings below analysts’ expectations as investment income fell short of target.

Virginia-based insurer Markel Corporation saw a marginal improvement in earnings per share for the second quarter 2004 as it reported net income per share of $5.99, compared to $5.97 for the same period last year. Combined ratio across the group improved

Bermudian headquartered giant ACE reported healthy second quarter figures last Tuesday (27 July) with operating earnings of $380mn, or $1.29 a share, marginally up on consensus analysts’ estimates of $1.25, and 33 percent higher than the $286mn or $1.01 a

Ratings agency Fitch has revised its rating outlook for the global reinsurance sector to Stable from Negative.

A US court gave a green light last week for a class action lawsuit to proceed against the giant broker Aon over allegations that the firm breached its fiduciary duties by not disclosing hidden commissions.