May 2005/1
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Bob Clements’ latest start-up venture Integro Ltd is set to go live after raising more than $300mn in start-up capital from private equity investors.
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London Market leaders last week announced a road-map for delivering contract certainty in time for the FSA-imposed end-of-2006 deadline – with a key aim being an improvement in measured slip standards to 99 percent by March 2006.
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US retail broker Arthur J Gallagher expects regulatory probes into its activities could cost the firm up to $35mn in costs, after examining the settlements made by Marsh, Aon and Willis.
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Shares in Jardine Lloyd Thompson Group plc (JLT) came under sustained selling pressure last week after the firm issued another downbeat trading statement.
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St Paul Travelers’ previously announced $687mn tax charge on the sale of its stake in Nuveen Investments contributed to the company booking net income of just $212mn or $0.31 a diluted share for the first quarter, down from $587mn or $1.31 a diluted share
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ACE sees slight deterioration on higher revenues; Partner Re struck by Q1 losses; IPC Re profits down on Q1 cats; XL shows strength despite wind loss; Fixed income losses hit Montpelier profits; Max Re life change continues; AXIS continues on growth path;
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Berkshire Hathaway is poised to make an insurance acquisition worth almost $1bn, investment titan Warren Buffett revealed at the weekend while hosting his company’s annual shareholders’ gathering.
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Embattled insurance giant AIG has pointed the figure at its former management for contributing to a mountain of accounting errors and “inappropriate transactions” that over-stated its book value by some $2.7bn.
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Marsh & McLennan Companies (MMC), the parent of world’s largest broker Marsh, today (3 May) reported first quarter net income of $134mn, or $0.25 a share, well down on the $446mn or $0.83 a share booked in the first three months of 2004.
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The Securities & Exchange Commission issued more subpoenas to US insurers yesterday as it continues its investigations into the industry’s use of finite reinsurance.
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The world’s largest reinsurer Munich Re said it was on track to record a 12 percent after tax return on equity to celebrate its 125th anniversary.
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It was at least six months in the making, but UK motor insurer Cox Insurance Holdings finally agreed to a buy-out from its private equity backed, former chief executive Neil Utley last week.
