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.

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.

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.

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

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;

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.

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.

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.