May 2005/3

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.

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.

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.

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.

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.

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

The fall out from the $500mn transaction between AIG and Berkshire Hathaway subsidiary General Re (Gen Re) that brought down Greenberg continues, with reports in the Wall Street Journal that the US Securities and Exchange Commission...

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.

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...

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.