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.

Sirius completes Tryg buy Bermuda’s White Mountains Re continued its rapid expansion with the completion of subsidiary Sirius International Insurance Corporation’s acquisition of fellow Scandinavian company Tryg-Baltica Forsikring.

Bermudian (re)insurer AXIS has announced the realignment of its organisational structure to, in its own words, “enhance the brand and operations of its insurance businesses and its reinsurance businesses globally”.

Directors and employees of brokers Benfield have sold stocks worth £38mn as part of a placing of over 12 percent of the company's shares.

Lloyd’s listed vehicle Kiln plc announced last week that Professor Ian Percy will retire as chairman with effect from 4 March 2005 and as a director from 31 March 2005.

After several months of speculation, Berkshire Hathaway backed insurance company Euclidian will announce tomorrow (16 November) that its Lloyd’s Syndicate 1243 is to be placed into run-off and will not take on any new business for the 2005 year.

Lloyd’s broker Agnew Higgins Pickering has announced the retirement of Chairman Tony Pickering.