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.

Lloyd’s insurer Markel Syndicate 3000 has had its B+ Above Average syndicate performance rating affirmed by Moody’s.

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’

German giant insurer Allianz announced that its first quarter result and growth are “on track” as it pre-empted the release of its full financials for the period this Friday (13 May).

Post-9/11 start-up Endurance Specialty has reported first quarter net profits of $96.3mn or $1.45 a share, fractionally down on the prior-year figure of $100.9mn or $1.47 a share. But operating income, which excludes realised gains and losses, rose from $

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.

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

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.

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).

Appearing to shrug off the revenue problems inflicting its biggest rivals Marsh and Willis, world’s second largest broker Aon last week (3 May) announced a strong set of first quarter results, extending the honeymoon period for new CEO Gregory Case.

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”