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.

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.

XL has announced the appointment of former Zurich Specialties chief underwriting officer Glenn Burles as head of its new US liability underwriting unit.

CNA, the seventh biggest commercial insurer in the States, reversed its $124mn first quarter 2004 net loss into a $178mn profit this time around, and revealed it would restate results for the last three years after reviewing its relationship with Bermuda’

World’s biggest reinsurer Munich Re says it’s on track to meet its 2005 earnings target after today (9 May) reporting a strong set of first quarter results, with after tax profits of EUR688mn up 26.7 percent on the first three months of 2004.

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

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

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.

Willis chairman and chief executive Joe Plumeri will sell 2,350,000 shares of the company’s common stock beginning in June, the broker announced last week. As at noon on 9 May, 2005, Willis shares were trading at $35.24 so barring any significant...

UK broker Jardine Lloyd Thompson Group plc may be forced to cut its dividends to shore up its balance sheet in a declining rating environment, according to a Merrill Lynch research report issued today (9 May).

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