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.

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.

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

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).

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...

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.

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’

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

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).

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.

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 $

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.

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

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”

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.

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

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.

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.

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.