May 2005/1

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.

The Securities & Exchange Commission issued more subpoenas to US insurers yesterday as it continues its investigations into the industry’s use of finite reinsurance.

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.

The Financial Services Authority has approved QBE’s acquisition of the underwriting agency Greenhill Underwriting Group.

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.

As the London market continues to debate the extent and cost of services brokers perform on behalf of subscription market insurers, broking giant Aon has been applauded for backing new underwriting slips which record in greater detail the levels of commis

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.

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.

Shares in Jardine Lloyd Thompson Group plc (JLT) came under sustained selling pressure last week after the firm issued another downbeat trading statement.

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;

But Plumeri points the way to a brave new world... April became the cruelest month for Willis, with job losses, a licence suspension, a more than halving of profits and the setting up of a $20mn legal reserve all occurring recently.

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