May 2004/5

Broking giant Marsh has announced its first large-scale foray since 1998 with the $1.9bn acquisition of corporate security firm Kroll.

Corporation aims to operate at break-even; Markel named and shamed Lloyd’s has revealed the full cost of a first successful year for its Franchise Performance Directorate in its Corporation of Lloyd’s Annual Report 2003, published last Thursday (20 Ma

The fronting insurer of Spanish football club Atletico Madrid failed in its attempts to overturn a decision in the UK Courts which allowed London market contingency underwriters to void coverage relating to the side’s relegation in 2000.

Lloyd’s has set out the cost of setting up and running its electronic risk placing system, Kinnect.

Justin Tweedie, the former underwriter of Heritage Syndicate 1245, has joined the fast expanding Primary Group to help develop its US insurance arm.

Swiss reinsurer Converium is set to replace its expiring catastrophe bond Trinom next month with Helix, a new $100mn product that will provide broader coverage than the three-year Trinom bond.

Organisations have never faced a greater threat to their financial health from environmental risks and toxic tort liabilities, the latest market commentary from brokers Willis concludes.