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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.
  • 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...
  • 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.
  • UK broker Heath Lambert Group is set to undergo another capital restructuring only 18 months after a debt-for-equity deal with its bankers.
  • 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.