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November 2004/4

  • Embattled superbroker Marsh was given a minor fillip last week (11 November) as it received, along with world and UK numbers two and three Aon and Willis, notice that UK regulator the Financial Services Authority (FSA) is “Minded to Authorise” (MTA) the b
  • Another difficult week for Marsh and its parent company MMC, as it announced falling profits and 3,000 job losses.
  • As the fallout of New York attorney general Eliot Spitzer’s investigation into contingent commissions gathers pace, it emerged last Friday (12 November) that Connecticut’s attorney general Richard Blumenthal has now issued subpoenas to 42 insurers and ins
  • New York attorney general Eliot Spitzer said last Friday (12 November) that he expects the federal government to supercede states in the regulation of insurance companies, as he dismissed the current system as a failure.
  • Lloyd's insurer Wellington has outsourced its procurement of external professional advisors to back-office specialist Xchanging.
  • Lloyd's announced on 10 November that it had successfully set terms for its £500mn subordinated debt issue after an extensive road show that took it to investors in the UK and continental Europe.
  • Royal & Sun Alliance (R&SA) released analyst beating interim results last Thursday (11 November) as its ongoing operations continue to prosper.
  • Germany’s Hannover Re reported third quarter figures stung by the recent catastrophic windstorms in the US and Japan, with operating profit of just €32.6mn for the quarter, compared to €216mn for the same period last year. The group’s quarterly €20.4mn ne
  • German giant Allianz shrugged off the impact of US hurricane losses to more than double net profit for the first nine months of the year from €732mn last year to EUR1.8bn, with contributions across the board – including once-ailing Dresdner Bank, which co
  • Rating agency Moody’s has upgraded its performance rating on Imagine Underwriting Syndicate 994 to “C+ Below Average” from “C Below Average”, with a positive outlook.
  • ACE announced today a reshuffle of senior executives at its Bermudian and European operations, with current ACE Bermuda president and CEO Andrew Kendrick moving back to London to take on the role of chairman and CEO of ACE European Group.
  • Aviation insurance rates continue to fall, according to the latest quarterly review from broker Aon, which compiles data on renewals.