October 2003/1
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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
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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
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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
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CNA Financial Corporation became the latest insurance Group to exit reinsurance when revealing that it has sold the renewal rights, together with much of its under-performing reinsurance book, to Folksamerica Reinsurance Company, a unit of Bermudian based
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$550mn start-up hit by breach of contract ruling The Quanta start-up story took a new turn last month when it emerged that Thomas F. Taylor, the former CNA executive vice president, who was to head up the E&O operation at Bermudian headquartered start
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Heath's has settled much of its film finance exposures following the opening submissions in a critical High Court trial this month. The so-called "Phoenix" trial promised to set a marker for a series of multi-million dollar disputes involving insurance ba
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Embattled UK insurer Royal & Sun Alliance breathed a corporate sigh of relief this month after its £1bn rights issue went through with 92 percent of the 1.3bn new shares subscribed for by existing shareholders at 70p each. Although heavily discounted
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Followers of US tort reform developments were teased this month with the prospect of a real breakthrough, as Republican Senator Bill Frist stepped in to rescue stalling asbestos talks, negotiating a new deal between insurers and industrial defendants over
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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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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
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Personal accident specialist Jonathan Thomas is set to become the active underwriter of Creechurch's merged syndicates, if Lloyd's franchise performance director Rolf Tolle approves the move.
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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
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