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January 2005/1

  • Fitch Ratings has found itself embroiled in a dispute with the German Insurance Industry Association GDV over its plans to publish unsolicited ratings on hundreds of European insurers. In a 7 January dated letter sent to Fitch Ratings' managing directo
  • MMC investors clearly see resolution with the New York attorney general Eliot Spitzer as the key to resolving the traumas surrounding the broker's remuneration practices, if the share price's reaction is anything to go by.
  • Lloyd's has issued proceedings against Aon over the broker's refusal to waive the statute of limitations concerning the Central Fund reinsurance dispute. The Corporation is preparing to enter the second phase of arbitration with Swiss Re and the other
  • Little over a week after receiving a request for information on the sale of its "non-traditional or loss mitigation insurance products" from the Securities and Exchange Commission (SEC), Berkshire Hathaway unit General Re revealed that it has been subpoen
  • XL D&O dispute heads for court; ALAS settles with reinsurers The acrimonious dispute between reinsurance broker RK Carvill and its former client XL Professional Liability over its disputed D&O treaties is set for an October 2005 show-down.
  • Analysts at Banc of America Securities provided a New Year boost to MMC by upgrading their stance on the world's largest insurance broker from "neutral" to "buy".
  • ACE USA chief executive Susan Rivera became the second most high profile casualty from the investigations into insurance industry practices following the ousting of MMC chief executive Jeffrey Greenberg in October 2004 when ACE Ltd announced her resignati
  • The Securities and Exchange Commission formally opened an investigation into Marsh & McLennan Companies' relationship with its private equity arm, MMC Capital, and its managed Trident investment funds, last month.
  • But uncertainty remains on how firm the company’s walk-away option is on remaining asbestos exposures... ACE Ltd has partially lifted the asbestos albatross which haunted the company's reserves ever since it acquired CIGNA Property & Casualty business
  • Robert Stearns, a senior vice-president and excess casualty broker at Marsh's New York office, pleaded guilty to a felony fraud charge last week in relation to New York attorney general Eliot Spitzer's investigations into bid-rigging.
  • A last-minute agreement was reached this month between the Lloyd's Market Association (LMA) and London Market Insurance Brokers' Committee (LMBC) on the form of the new Lloyd's terms of business agreements (TOBAS). The decision came on 13 January, 2005
  • Brokers Aon and a host of Lloyd's syndicates were treated with a Christmas surprise after Justice Morison delivered his long awaited verdict against the reinsurers of the Aon 77 energy lineslip on 21 December. The verdict means that Cotesworth Syndicat