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.

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.

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.

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

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

Privately owned Lloyd’s insurer Heritage Underwriting Agency plc has confirmed that it has received interest from at least two parties interested in acquiring the group.

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.

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.

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

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.

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.