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February 2005/1

  • Willis has downplayed fears that it could be next in the firing line of former WTC leaseholder Larry Silverstein after the account for New York's Freedom Tower was transferred to rivals Aon earlier this month.
  • A further three employees have pleaded guilty to criminal charges in connection with bid-rigging investigations by New York attorney general Eliot Spitzer.
  • Settlement brings partial closure on commission controversy as focus shifts to implementing new business model It was three months in the making, and involved torturous semantics in the expression of contrition, but Marsh & McLennan's settlement with
  • Broking giant Aon Corporation is in advanced settlement talks with US regulators including New York attorney-general Eliot Spitzer, The Insurance Insider understands. According to sources, Aon Corporation is looking to agree a deal that will sweep up
  • Lohmann cites ‘long-standing client relationships’ on better than expected showing Converium appears to have survived the the worst of the 1/1 renewals, according to the reinsurer. In a conference call on 17 February, CEO Dirk Lohmann told analysts he
  • $1.6bn strengthening at North American corporate business... Rating agency Standard & Poor’s announced on 17 February that it was placing the ratings of Swiss financial services giant Zurich Financial Services on CreditWatch with negative implications,
  • AIG: premiums grow but finite probe casts pall on good news World's largest insurer AIG said last week that its fourth quarter results included a net post-tax charge of $126.9mn, or $0.05 per share, in connection with late reported losses from hurrican
  • Fitch spoils XL's party with mooted downgrade Bermudian giant XL Capital had its positive fourth quarter and year-end earnings release marred this month by an announcement from rating agency Fitch that it may slash the company's debt ratings. Fitch'
  • Names' capacity continues to shrink while UK listed corporates begin to dominate: just two of the findings of The Insurance Insider's analysis of Lloyd's 2005 capital base The proportion of capacity supplied by Lloyd's Names to the market continued to
  • Aon's senior executives will now be in line for a substantial pay-off, if there is a change of control in the company.
  • Insurers AIG, ACE and Aegis have settled their share of an energy dispute involving oil giant BP. The dispute flared up after Swiss Re, AIG, ACE, Aegis and AXA refused to pay claims on a series of large energy losses.
  • New Year optimism from reinsurers was probably diminished by news of the Suncor Energy loss - which introduced a fresh energy catastrophic loss only months after Hurricane Ivan tore through the Gulf of Mexico devastating oil platforms.
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