May 2004/1

In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.

Profits also continue to rise, but mixed message on investment prospects AIG starts 2004 with a bang World's most valuable insurer, American International Group (AIG) said profits had jumped 36 percent to reach $2.6bn, compared with $1.95bn for the sa

Earlier in the day, Lloyd's CEO Nick Prettejohn had warned the audience of the market's need to change its behaviour in 2004 if it wished to avoid excessive swings in the cycle. He said 2004 was "a year of choice", in which insurers were "skirmishing w

Improvements in technology, cycles and consolidation, and increased corporate governance are the three major trends facing the insurance industry, CEO and chairman of broker Willis Joe Plumeri has said. Speaking at a 10 May conference in Lloyd's Old Li

On the back of strong reserve building in recent years, the short-fall in US property & casualty reserves has declined to circa $80bn estimates industry analysts Morgan Stanley.

Insurance litigation enthusiasts were treated to the spectacle of another case management conference (CMC) last month to determine timetables for unfinished business relating to film finance exposures. The CMC, held in Court 21 of London's Royal Courts

Despite continuing strong results throughout the Bermudian/US property casualty (p/c) sector, recent pronouncements from insurance stock analysts offer a rather mixed message on investment prospects for the next few years. Morgan Stanley's team of US i

An application by German reinsurer R+V Versicherung AG to postpone the June trial date of its upcoming litigation with managing agency Risk was rejected last month, The Insurance Insider can reveal. In the 30 April order, Mr Justice Gross rejected R+V

The benefits of change was a hot topic of discussion last month when leading London based figures got together to debate whether the Market’s entrepreneurialism has anything to fear from the various reform initiatives and regulators in the guise of the F

Global premium slumps amid rumours of price undercutting Despite public proclamations by leading underwriting figures that all's well in the Aviation Hull War market, evidence suggests that rates are plummeting faster than most are prepared to admit, w

Swiss Re, Lloyd's and other insurers released from 'two-event' scenario; minority insurers not bound by WilProp "one-event" wordings; further trial to decide their exposures Insurers the world over breathed a sigh of relief last month when jurors in th

Marsh paid downsizing broker HLF Group $53mn for its Australian and New Zealand operations, the latest Securities and Exchange filings of MMC reveal. Marsh's swoop for HLF's Oceanic arm in March 2004 was the latest asset sale by the London headquartere

Guy Carpenter's Adam Fox is set to join fast-expanding London market broker Glencairn Ltd, The Insurance Insider can reveal. Fox, a Guy Carpenter managing director specialising in accident and health reinsurance, resigned from the reinsurance broker ea

In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.

Controversial insurer CIC has become embroiled in a fresh scandal relating to an alleged US multimillion dollar employee health care fraud involving participants from both sides of the Atlantic. Last month, Federal Bureau of Investigation officers swoo

Berkshire Hathaway backed insurer plans listing with veteran figure as chairman. Michael Wade, the founder and chief executive of Lloyd's investment vehicle Rostrum, is set to renew his association with former colleague James Stuart by becoming the non

The Insurance Insider analyses the first quarter results from the US and Bermudian carriers... ACE reported an increase in net income to $447mn, compared with $247mn for the same period in 2003. Premiums written rose 11 percent to $3.2bn, helped by

As the controversy over PSAs grows - with subpoenas issued to both brokers and insurers - could the actions of US regulators cost MMC and Aon more than $1.5bn? The revelation that New York attorney-general Eliot Spitzer is investigating brokers' use o