August 2005/2

An increase in casualty and asbestos reserves at a US unit has forced a 74 percent drop in second quarter profits at world’s largest reinsurer Munich Re.

The honeymoon period for new Aon chief executive Gregory Case continued last week after shares in the broking giant soared 17 percent following a strong second quarter.

Warren Buffett’s Berkshire Hathaway confirmed last week that Milan Vukelic, the former chief executive of General Re’s London market arm Faraday Group, was dismissed in July following regulatory investigations into finite reinsurance transactions...

British Aviation Insurance Company (BAIC) is to appeal against the High Court’s decision to prevent the company setting up a solvent scheme arrangement in a case seen as having far reaching implications for insurance run offs.

The number of convicted industry professionals following New York attorney general Eliot Spitzer’s investigations into the US insurance industry grew to 15 last week following five more guilty pleas over fraudulent conduct.

Lloyd’s has warned its franchisees to expect the Central Fund levy to double next year from a current 0.5 percent of capacity to 1 percent as the Society looks to bolster its financial strength.