March 2004/4

Dick Grasso, the controversial former chairman of the New York Stock Exchange, is facing a subpoena from the Securities and Exchange Commission over allegations that he engaged in “influence trading” with shares in the insurance giant American Internation

Despite the large loss of life, the 11 March Madrid terrorist attack will have only a limited impact upon the industry because of the longstanding government backed compensation fund, the Consorcio de Compensaciones de Seguros.

Lloyd’s Insurer Cox is in takeover talks with rival motor insurer Highway, it has emerged.

Despite a decline in group operating profit from £226mn in 2002 to £140mn for 2003, ratings agencies and analysts have not echoed the stock market negativity that saw Royal and Sun Alliance (R&SA) shares drop almost 15 percent last Thursday (11 March) as

It was a week to be forgotten for the industry’s US directors’ and officers’ insurers as yet more class action suits surfaced, while a “get tough” attempt by leading carrier Chubb was dismissed by the US courts.

Dutch insurer Aegon has announced a 16 percent increase in net profits for 2003 - the result, it said, of better performing stock markets and fewer bond defaults.

Bermudian (re)insurer Aspen revealed last Monday (8 March) the identity of its new US property reinsurance team.

Reinsurance broker Benfield has announced the sale of 2,390,785 shares in Bermudan reinsurer Montpelier Re, with effect from 15 March.