March 2006/1

Broking giant Aon is suing two of its rivals, Integro and Heath Lambert, for poaching members of its staff. The suit against Integro was filed in Atlanta on 13 February and accuses the start-up broker of a “campaign to pirate” Aon employees.

Giant insurer American International Group (AIG) has formed a new unit, AIG Specialty Excess, in order to handle all in-force, new and renewal business currently handled by CV Starr & Co agency, a subsidiary of CV Starr & Co, Inc.

Giant reinsurer Swiss Re reported a 41 percent drop in its 2005 net income to SFr1.451bn from SFr2.475bn in the prior year, a result that reflected a tough year for reinsurers. Swiss Re absorbed SFr3bn in large natural catastrophe claims following...

Swiss Re’s new chief executive Jacques Aigrain has warned that Bermuda’s “Class of 2005” are at risk of being wiped out by a repeat of the devastating hurricane losses that led to their formation.

Shares in UK listed broker Jardine Lloyd Thompson Group plc (JLT) have dropped 7 percent today ahead of the company’s announcement of its preliminary 2005 results tomorrow morning.

Shares in (re)insurer Quanta Capital Holdings Ltd collapsed last week after the company admitted it was putting itself up for sale following deteriorating losses and a downgrade by rating agency AM Best from the crucial A- to B++.

Lloyd’s has chosen the former head of the International Petroleum Exchange (IPE) Dr Richard Ward to become the next chief executive of Lloyd’s, Insider Week can reveal. But the Society is still waiting on the Bank of England to ratify the decision...

Warren Buffett said the cost of Hurricane Katrina and “her ugly sisters, Rita and Wilma” cost Berkshire Hathaway a total of $3.4bn last year. The investment titan revealed the extent of Berkshire’s bill in his annual letter to the company’s...