Company Example A

Converium's CFO steps down

Besieged Swiss reinsurer Converium revealed on 4 November that Group CFO Martin Kauer had handed in his resignation and would be leaving the company in early 2005.

01 November 2004

Brokers count heavy cost of contingent commissions

Companies rarely volunteer to forego a lucrative proportion of their revenue streams but that is exactly what the industry's international brokers and large US retail brokers have been doing in the wake of Spitzer's allegations of price-fixing at Marsh.

01 November 2004

ZFS promotes from within

Swiss insurance giant Zurich Financial Services revealed last week that it had promoted Dieter Wemmer to the role of chief executive officer of Europe General Insurance while adding him, together with ZFS’ head of global corporate business Geoff Riddell,

25 October 2004

Alea continues recruitment drive with chief actuary appointment

Alea, the UK listed reinsurer, appointed XL Global Services’ actuary Tom Weidman to the position of group chief actuary.

25 October 2004

It never rains...

MMC’s difficulties extend overseas with financial irregularities in Marsh Ireland and the sacking of a senior employee in Marsh Ltd for “misconduct” Marsh's Irish subsidiary Marsh Ireland has revealed that it has a EUR6.7mn hole in its accounts - more

01 November 2004

Australian regulator issues banning orders in HIH fall-out

The Australian financial regulator, the Australian Prudential Regulation Authority (APRA), has banned a series of executives from acting as senior managers or directors in the insurance industry for their part in the collapse of HIH in 2001.

25 October 2004

Aon follows Willis in abolishing controversial contingent commissions

Embattled broking giant Willis saw its two closest competitors, Aon and Willis, both abolish the controversial practice of charging insurers’ contingent commissions based on the volume of business they supply.

25 October 2004

Aon shareholders nervous about Spitzer fall-out

Aon’s share price fell 8 percent in early trading today as investors were spooked by a New York Times article which suggested Eliot Spitzer has also uncovered business practices at the world’s second largest insurance broker.

25 October 2004

New York insurance commissioner cites MMC over alleged PSA abuses

New York’s Superintendent of insurance, Greg Serio, revealed that his department has issued citations to MMC, Marsh Global Broking – Marsh’s market facing unit which arrangement Placement Service Agreements with insurers – and more than ten Marsh subsidia

25 October 2004

MMC chief set to be ousted

Jeffrey Greenberg, the chief executive of MMC, has tendered his resignation in response to the crisis which has enveloped his company following allegations of corrupt trading practices by the combative New York attorney-general Eliot Spitzer, Insider Week

25 October 2004

Company Example A

Company type

Miscellaneous

Major offices

Officers