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November 2004/3

  • Florida’s attorney general Charlie Crist became the latest US regulator to open an investigation into alleged bid rigging and insurance commission arrangements last week.
  • Following last week’s early-announcers, Bermudian and US (re)insurers are continuing to unveil third quarter figures badly damaged by the quartet of hurricanes hitting the Caribbean and Florida in September and October.
  • Aon’s retiring chief executive Patrick Ryan has called upon the insurance industry to implement reform to reclaim the trust of its clients in the wake of New York attorney general Eliot Spitzer’s investigation into alleged price fixing.
  • In a speech to the London Institute of Insurance last week, Lloyd’s chairman Lord Levene hammered home the importance of business process reform and sound underwriting as he warned that, despite the progress in turning the corporation around, complacency
  • Analysts and lobbyists hail election result The re-election of George Bush in last week’s presidential elections will give added impetus to efforts to extend the Terrorism Risk Insurance Act (TRIA) in 2005, according to Charles Landgraf, a leading lob
  • Despite cutting back its full year profit target, the world’s largest reinsurer Munich Re saw its share price rise on the back of strong third quarter earnings.
  • Despite being characterised by Eliot Spitzer as a practice that “rigs bids, stifles competition and cheats customers,” Marsh confirmed last week that it is moving to collect up to $230mn in contingent commissions which it says it is owed by insurers.
  • The French insurance market is maintaining its stability despite increased pressure on motor rates and a lacklustre economy, according to a report from rating agency Standard & Poor’s (S&P).
  • There were more developments at besieged Swiss reinsurer Converium last week with the news that Group CFO Martin A Kauer had handed in his resignation and would be leaving the company early 2005.
  • UK motor insurer Cox Insurance Holdings has received a number of bid approaches, the company confirmed yesterday.
  • Julian Taylor, the Marsh UK employee suspended for allegedly charging unauthorised commissions, has now been dismissed according to the broker.
  • David Mann, the founder of the eponymous Lloyd’s insurer, is to join the board of the specialist Lloyd’s based Hardy Underwriting Group later this month.