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May 2005/3

  • 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...
  • Marsh & McLennan Companies (MMC), the parent of world's largest broker Marsh, reported first quarter net income of $134mn, or $0.25 a share, well down on the $446mn or $0.83 a share booked in the first three months of 2004.
  • Lloyd's CEO Nick Prettejohn has called on London Market brokers and underwriters to voluntarily embrace contract certainty initiatives ahead of the FSA's 2006 deadline.
  • Lloyd's insurer Heritage Underwriting Agency Ltd has urged its shareholders to reject an offer for 7.4 percent of the company's stock because it undervalues the company.
  • Run-off reinsurer CX Reinsurance Company Ltd saw its surplus fall by a third last year as losses from its US professional liability exposures continued to hit the company hard.
  • 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.
  • Marsh UK is set to join rival Aon in formally agreeing a proposed framework for its new broking model with the Beazley Working Party, The Insurance Insider can reveal.
  • Start-up broker Integro Ltd will pursue a policy of strictly limited acquisition as it attempts to crack the hegemony enjoyed by Marsh and Aon in the US commercial risks market, The Insurance Insider can reveal.
  • Led by campaigning New York attorney general Eliot Spitzer, the regulatory investigation into the use of non-traditional or finite-style reinsurance gathered pace once more this month with a raft of subpoenas dished out to buyers and sellers of the...
  • Financial impact worse than feared as beleagured insurer battles its past. Bitter recriminations between the current and former management of American International Group (AIG) hotted up this month, almost overshadowing the revelation by the embattled.
  • The run-off managers of defunct Lloyd's insurer GoshawK are appealing a controversial Court decision which allowed brokers Tyser & Co to avoid handing over claims files that led to severe underwriting losses.
  • World's biggest reinsurer Munich Re says it's on track to meet its 2005 earnings target after 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.