November 2004/3

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.

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.

Independent London market broker Glencairn has announced the appointment of Kevin Hogan as chief operating officer.

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.