May 2005/2

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.

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).

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...

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.

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

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.

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.

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.