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March 2005/3

  • As predicted in the February edition of The Insurance Insider, Aon Corp struck a nationwide agreement with US regulators to settle the bid-rigging, kickback and steering investigations into the broking giant. The broker followed its rival MMC in estab
  • Broking giants count cost of Spitzer JLT blames Risk Solutions for sluggish performance Benfield posts flat profits but sees growth in primary markets MMC culls a further 2500 jobs to cut costs
  • Despite closing the 2002-year of account on its Syndicate 1200 with a 38 percent profit on capacity, claiming the third best result in the market, listed Lloyd's managing agency Heritage has been forced to leave the year open on Syndicate 1245 due to unce
  • Aspen profits up AWAC positive result despite storms IPCRe hurricane losses grow Platinum profits down Quanta makes maiden year loss
  • The widening scope of schemes of arrangement was extended further last month as a Canadian court upheld its approval of a scheme promoted by run-off manager Cavell, despite last minute attempts to derail the process by Canadian policyholders.
  • Reinsurers seek to avoid liability on WTC claim The legal repercussions of the 9/11 Twin Towers attack continue to resonate - with a dispute appearing in court this month between Aon subsidiary Combined Insurance Company of America and its reinsurers o
  • Benfield thought to be leading the pack as they announce strategy to expand primary operations Benfield Group Ltd is in talks with the former Jardine Lloyd Thompson Group Plc chief executive Steve McGill to drive the reinsurance broker's expansion into
  • MMC chief executive Michael Cherkasky vowed the broker will keep its wholesale operations despite concerns that they can lead to conflicts of interest.
  • Lloyd’s has settled its £500mn Central Fund dispute with its six reinsurers, following the second phase of its arbitration tribunal, for a total of £152mn. The agreement follows the damaging arbitration decision in the first phase of the tribunal which
  • Until Enron changed the rules, AIG's habit of revealing unrelentingly smooth earnings tailored to the needs of Wall Street was widely acknowledged to be unremarkable.
  • Potential new addition to quoted Lloyd's company sector Lloyd's insurer Omega Underwriting Holdings Ltd is planning an IPO, two years after it postponed a possible flotation, in a bid to build a platform to grow its permanent capital base and provide g
  • Hank Greenberg’s replacement needs to prove the AIG chalice is not poisonous Even an industry legend can only suffer so many regulatory black eyes, and so it proved for American International Group's Maurice "Hank" Greenberg. Greenberg finally thre
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