October 2004/4
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Risk-based capital allocation models and better risk modelling techniques, together with improved underwriting discipline, have put the London market in a better position than ever before to counter the destabilising effects of the underwriting cycle, acc
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Lloyd’s capped a year of success this week with the news that it would make its first ever foray into the international debt markets by raising £500mn of longer term subordinated debt.
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The UK regulator Financial Services Authority has hinted that it may take a more robust approach over broker commissions in the light of Eliot Spitzer’s allegations against Marsh last week.
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Fresh from Marsh’s announcement on 15 October that it would suspend all its PSA style arrangements, the insurance companies named in Eliot Spitzer’s complaint against the world’s largest broker were also quickly distancing themselves from the practice.
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As predicted by Insider Week two weeks ago (see Insider Week No.142), the campaigning New York attorney-general Eliot Spitzer is suing Marsh over its long-established practice of charging insurers commissions in return for placing business with
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Spitzer is looking at Aon Re’s practices When Daniel J Popeo, chairman of the US think tank Washington Legal Foundation, complained to Eliot Spitzer about the activities of the global brokers on 10 February, the immediate attention was on so-called PSA
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Swiss Re’s landmark London offices – affectionately known as The (Erotic) Gherkin – has been awarded the UK’s premier architectural award, the Stirling Prize.
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Marsh has submitted to Eliot Spitzer’s shock 14 October allegations of price-fixing by replacing its chief executive Ray Groves and revealing that it will no longer charge insurers contingent commissions, often known as Placement Service Agreements (PSAs)
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Marsh joins parent on negative outlook Rating agencies have reacted to the furore surrounding Spitzer’s PSA investigation by placing MMC’s credit ratings, the parent of implicated broker Marsh, on negative outlook.
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UK headquartered broker JLT Risk Solutions has opened an office in Dubai’s International Financial Centre.
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Reinsurance broker Benfield launched a new report devoted to the global D&O and Financial Lines last Wednesday (13 October).
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UK general insurer Royal & Sun Alliance (R&SA) had its Standard & Poor’s (S&P) ratings outlook upgraded from negative to stable last week (12 October) as the agency recognised the company’s continued turnaround progress.
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