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May 2005/2

  • McGill joins Aon Steve McGill, the former chief executive of Jardine Lloyd Thompson Group plc, has left his short consultancy role at Benfield Group to join Aon Corp.
  • Bermuda-based Platinum Underwriters has reported net profits up by a third to $73.1mn for the first quarter of 2005, generated from net earned premiums up from $321.04mn to $411.04mn.
  • Norwich Union leading light Bridget McIntyre has quit the insurer to take over as chief executive of Royal & Sun Alliance’s (R&SA) domestic operations following Duncan Boyle’s decision to retire from the company after 32 years in its service.
  • In the week that MMC had to reveal a 70 percent cut in first quarter earnings, more bad news arrived in the form of a legal action against the broker from Fortune Brands – the former Marsh client who was an apparent victim of bid-rigging.
  • The US Securities and Exchange Commission (SEC) is considering filing a civil securities-fraud complaint against Rick Napier, an executive at Berkshire Hathaway subsidiary General Re, according to the Wall Street Journal.
  • The financial strength ratings of world’s largest insurer AIG have been downgraded to A+ (Superior) from A++ (Superior) with negative implications by AM Best. In a statement the ratings agency said the downgrade came about because of further disclosure
  • FBI gets involved; Lloyd’s receives subpoena In a letter sent on his 80th birthday last week, former AIG CEO Maurice "Hank" Greenberg has hit out at the directors of the company he built, lambasting them for “vile accusations” and a “one-sided review”
  • Bob Clements’ has thrown down the gauntlet to broking giants Marsh and Aon after his latest insurance start-up Integro Ltd was launched last week with just over $300mn of capital in a private placement.
  • Bermudian (re)insurer PXRE has reported first quarter net profits of $22.7mn or $0.69 a share, compared to $30.9mn or $1.18 a share in the same period of 2004. Net operating income per share came in at $23.3mn or $0.71 a share, down from $33.2mn or $1.27
  • Electronic data transfer platform RI3K has announced the delivery of a new facility, allowing placement and transfer of facultative risks, in addition to its existing treaty transfer capability.
  • Lloyd’s insurer Markel Syndicate 3000 has had its B+ Above Average syndicate performance rating affirmed by Moody’s.
  • Bermuda-headquartered RenaissanceRe last week (3 May) reported a disappointing set of first quarter results, as losses from Windstorm Erwin battered the bottom line. The performance raises doubts over the reinsurer’s ability to meet 2005 earnings projecti
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