May 2005/2

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.

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.

Oxygen, the insurance broker promoting itself as a post-Spitzer alternative to the established London market firms, has appointed a new team specialising in group life business.

US insurer HCC Insurance Holdings released another set of record quarterly results last Tuesday (3 May) as net profits increased 29 percent to $57.3mn or $0.81 a share against the $44.6mn or $0.68 a share recorded by the company in the first three months

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.

Less than a week after revealing it was close to an insurance acquisition, Berkshire Hathaway confirmed that it has agreed to purchasing General Electric’s medical professional liability insurer, Medical Protective Corporation.

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...

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

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.

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

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.