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October 2003/1

  • The world's largest insurance broker Marsh is embroiled in an awkward $250mn policy wordings dispute with the London market over the placing of Financial Institutions insurance cover for its long-time banking associate JP Morgan. Despite renewing a ble
  • Pot, kettle, black? Was Snide alone in feeling a delicious sense of irony on reading October's FT interview with Bruce Carnegie-Brown (16 October)? In its own inimitable style, the Pink One issued an opinion that "the insurance industry could face r
  • The militant Lloyds Names Association (LNA) will attempt to recover up to £100mn from the Central Fund for what it describes as Lloyd's failure to adequately regulate the market, The Insider has learned. The move follows this summer’s landmark judgment
  • The switch to one year accounting has presented analysts of publicly quoted companies (Integrated Lloyd's Vehicles, ILVs) at Lloyd's with a problem of measuring the investment performance of those companies. Under the unique three year system of accountin
  • As long as average CEOs are paid as if they were superior CEOs, the issue of executive overcompensation won't go away. Where CEO pay is out of alignment with long-term corporate results, shareholders will not remain complacent. How, during the past two de
  • Dick Grasso, who by most accounts did a good job of running the NYSE, was forced from his position because he was paid so much that it became an embarrassment to his organization and to the board of directors that paid him so much money. David D 'Aless
  • Mike Hammond the former chief executive of broker Marsh's UK operations is to join rival Jardine Lloyd Thompson, it was revealed last month. Staff at JLT were told of the move by senior management and the news ended months of speculation over Hammond's
  • ACE's Syndicate 2488 underwriter Andrew Kendrick has been promoted to the role of president and chief executive officer of ACE Bermuda, replacing the current incumbent Mark Herman. Currently president of ACE Global Markets and a director of ACE INA UK
  • Reinsurance spin-off Aspen Re is set to raise around $200mn if its NYSE IPO proceeds to plan next year, according to sources. Aspen Re, which specialises in property and casualty reinsurance in the UK, the US and Bermuda, has been seen as a prime IPO
  • Defunct Australian insurer HIH has won partial access to pleadings and legal information from AIG subsidiary Lexington Insurance Company to help advance possible fraud allegations against the broker JLT. HIH applied to the High Court following the Ju
  • Quoted Lloyd's insurer SVB is considering a 2004 fund raising to capitalise a new FSA-authorised insurer that would lead its charge in writing D&O, medical malpractice and professional indemnity business - a model similar to UK start up PRI Ltd before its
  • Lloyd's personal accident market is braced for claims relating to the 3 October mauling of Roy Horn, one half of the stage act Siegfried & Roy, by a white tiger at the Mirage hotel, Las Vegas.
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