May 2005/3

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.

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.

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.

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...

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.

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

In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.