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December 2004/4

  • World’s largest insurer AIG is being sued by the State of Michigan for $30mn in losses on its pension fund resulting from the company’s stock falling on allegations that it aided accounting fraud by other companies, and its involvement in the Spitzer prob
  • Troubled broking giant MMC finalised $3bn of financing last week soothing fears of a liquidity crunch as the firm strives to settle with the New York attorney general Eliot Spitzer.
  • With the renewal season in full fling, Marsh’s reinsurance arm Guy Carpenter has committed itself to providing full disclosure to the fees it earns on reinsurance placements.
  • Lloyd’s revealed last week that its 2005 global capacity is likely to shrink a higher than expected 9 percent to £13.7bn in response to falling rates.
  • John Tiner, CEO of UK regulator the Financial Services Authority (FSA) has challenged the London Market to improve contract certainty and to move to a more transparent and efficient business model.
  • Fast-growing Bermudian post-9/11 start-up Endurance Specialty saw it’s A- Standard & Poor’s ratings outlook updated from stable to positive last week (13 December) on the back of its “strong competitive position, which is supported by a diversified busine
  • Willis Group Holdings revealed today (20 December 2004) that it has bought the business of the Mexico insurance broker Maisterrena Asesores.
  • A recent decision by the US Supreme Court on environmental liabilities could have profound consequences for the insurance industry, analysts at Morgan Stanley have warned.
  • Japanese insurers Sompo Japan Insurance Inc and Aioi Insurance Co Ltd have each taken a 3 percent stake in a company formed by People’s Insurance Company of China Property and Casualty Co (PICC), the largest non-life company in China. Each insurer has in
  • 2004 would have been the best year for the US P&C industry “in decades” were it not the for the third quarter storms, but next year is set to become the first year to witness an underwriting profit since 1978.
  • Fears over deteriorating conditions in the market for US Directors’ and Officers’ insurance (D&O) have been confirmed by actuarial consulting firm Tillinghast in its annual survey on the sector.
  • Nine months into its merged existence, US insurer The St Paul Travelers revealed last week (16 December) that it plans to slash the size of its board from 23 to a proposed 13 members.
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