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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...
  • ACE reported first quarter net profits marginally down, making $433mn or $1.46 a share compared to the $447mn or $1.53 a share it recorded in the first three months of 2004.
  • 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.
  • Advent Capital Holdings Ltd have appointed the stockbroking firm Numis Securities to float the Lloyd's reinsurer on the Alternative Investment Market (AIM) next month, The Insurance Insider can reveal.
  • 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.
  • Privately owned Lloyd's broker FirstCity Partnership has parted company with senior executive Roddy Graham only days after promoting Stephen Burnhope to the head of its financial institutions and professional lines, The Insurance Insider understands.
  • 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.
  • In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.
  • In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.
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