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November 2004/1

  • Besieged Swiss reinsurer Converium revealed on 4 November that Group CFO Martin Kauer had handed in his resignation and would be leaving the company in early 2005.
  • As third quarter results filter through from US and Bermudian property casualty (re)insurers, the full impact of the season's quartet of hurricanes is becoming clearer, with interim results hit hard across the board. Hurricanes Charley, Frances, Ivan a
  • Earlier this month, Florida's attorney general Charlie Crist became the latest US regulator to open an investigation into alleged bid-rigging and insurance commission arrangements. Crist's office said that he had subpoenaed 10 insurance brokers: MMC,
  • Marsh UK sacking 'tip of the iceberg'? Last year, UK Broker Heath Lambert lost a lucrative reinsurance account with the Australian Federal government after it admitted receiving "unauthorized commissions". It was an offence apparently similar to th
  • MMC to lose thousands of staff In late September, senior Marsh executives from the broker's executive liability arm FINPRO met at a restaurant in New York to be told the broker would be making over a thousand redundancies which would include losses fro
  • Companies rarely volunteer to forego a lucrative proportion of their revenue streams but that is exactly what the industry's international brokers and large US retail brokers have been doing in the wake of Spitzer's allegations of price-fixing at Marsh.
  • In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.
  • MMC’s difficulties extend overseas with financial irregularities in Marsh Ireland and the sacking of a senior employee in Marsh Ltd for “misconduct” Marsh's Irish subsidiary Marsh Ireland has revealed that it has a EUR6.7mn hole in its accounts - more
  • Spectrum talks break down, BRIT in the frame After publicly stating dissatisfaction with the performance of personal lines business at its Lloyd's operation, The Insurance Insider understands that giant US insurer St Paul Travelers has been talking wit
  • Regulators' probes extend to yet more established methods; MMC's actions may prove decisive in preserving status When Kelvin Mackenzie, the legendary head of Rupert Murdoch's tabloid The Sun, sacked the newspaper's astrologer after he was accused of "r
  • Evidence suggests the cumulative effect of the US storms may reach $30bn Foresight is something the global reinsurance industry would love to possess but, in the absence of catastrophe astrologers, it has to rely on more conventional methods, such as c
  • Marsh was the most successful - if that is the correct phrase - broker to charge insurers' contingent commissions because it was the most organised. Unique among the multinationals, Marsh had created a focused market-facing arm - Marsh Global Broking - wh
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