June 2004/6

Michael Segal, the colourful founder of Chicago based Near North Insurance Brokerage Inc, was imprisoned last week following his conviction on multiple counts of mail fraud, wire fraud, tax conspiracy and racketeering.

Bermudian reinsurer RenaissanceRe revealed last Wednesday (23 June) that stalwart and chief underwriting officer David Eklund has resigned from the group “to pursue personal interests”.

The insurance and reinsurance sectors are the most exposed industries in the short term to increases in the prevalence of obesity, a new report from Dresdner Kleinwort Wassertein Research (DrKW) has concluded.

World’s third largest broker Willis announced last Wednesday (23 June) that it has reached an agreement in principle to buy a majority shareholding in Irish broker Coyle Hamilton, and to buy the outstanding interest over the next few years.

Despite operating momentum building from last year into first quarter 2004 results, the property/casualty industry faces its biggest challenge in its ability to maintain underwriting discipline as premiums fall off and surplus levels rise, according to AM

Despite previously describing the Californian workers’ compensation sector as “crazy”, Berkshire Hathaway has agreed to replace Everest Re as the carrier on Acacia Pacific Holdings’ California Workers Compensation Program.

Recently floated Bermudian (re)insurer Alea revealed last week that CEO Dennis Purkiss will step down from the executive board at the end of June, with group president and COO Mark Ricciardelli taking the reins.

Shares in UK brokerage Jardine Lloyd Thompson (JLT) hit a three-year low last week on fears that the company’s profits would be hit by weaker than expected reinsurance volumes.