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November 2004/3

  • New York attorney general Eliot Spitzer is continuing to broaden his probe into the insurance industry by opening an investigation into products such as finite reinsurance, which can help enhance financial statements.
  • 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.
  • While MMC’s Jeffrey Greenberg and his Marsh Inc colleague Ray Groves were the first two casualties of Spitzer’s assault on practices in the P&C industry, they were followed last week by a wave of sackings among the companies implicated in the attorney gen
  • 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.
  • Silverstein looks to be the comeback kid in second round of wordings spat The final bout of the long-running legal dispute over WTC insurance cover made its way into court again last month, with the building’s leaseholder Larry Silverstein again determ
  • 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
  • Q3 results ‘raise more questions than answers’, according to analyst More questions have been raised about the accuracy of financial reporting at Canadian holding company Fairfax.
  • 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.
  • 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.
  • 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.
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