May 2005/1

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.

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;

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