March 2005/4

The recent P&I renewal season was characterised by a split between clubs determined to maintain discipline and charge published rate increases, and those who let discipline slip, according to Aon’s P&I division P.L. Ferrari & Co (Aon PLF).

Industry grandee Bob Clements, the founding chairman of Bermuda’s Arch Capital, is to step down from his position at the company, with current vice-chairman Paul Ingrey taking his place at the beginning of next month (1 April 2005).

World’s largest reinsurer Munich Re made a solid if unspectacular start to its 125th anniversary year with the announcement of EUR1.8bn 2004 profit, marking the mid-point of its own projected range of EUR1.7bn to EUR1.9bn – lowered after an associated com

Specialist Lloyd’s insurer Chaucer has announced record pre-tax profits of £38.2mn, a 6.7 percent increase on 2003’s £35.8mn figure.