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October 2004/5

  • Swiss insurance giant Zurich Financial Services revealed last week that it had promoted Dieter Wemmer to the role of chief executive officer of Europe General Insurance while adding him, together with ZFS’ head of global corporate business Geoff Riddell,
  • Tokage was the latest typhoon to batter Japan last week with mudslides, flash flooding and high winds causing at least 83 deaths and hundreds of injuries.
  • Embattled reinsurer Converium received a further boost from Standard & Poor’s last week when the rating agency upgraded its German and UK subsidiaries’ financial strength ratings by two notches to BBB+.
  • Yet another investigation: this time spotlight falls on Brightpoint transactions Fresh from fending off accusations of PSA-related bid-rigging and fraud, world’s largest insurer AIG released its third quarter 2004 results last week.
  • Motor insurer Highway has announced the appointment of Peter Gallagher as claims director.
  • Alea, the UK listed reinsurer, appointed XL Global Services’ actuary Tom Weidman to the position of group chief actuary.
  • Embattled broking giant Willis saw its two closest competitors, Aon and Willis, both abolish the controversial practice of charging insurers’ contingent commissions based on the volume of business they supply.
  • Aon’s share price fell 8 percent in early trading today as investors were spooked by a New York Times article which suggested Eliot Spitzer has also uncovered business practices at the world’s second largest insurance broker.
  • New York’s Superintendent of insurance, Greg Serio, revealed that his department has issued citations to MMC, Marsh Global Broking – Marsh’s market facing unit which arrangement Placement Service Agreements with insurers – and more than ten Marsh subsidia
  • California’s insurance commissioner John Garamendi is set to follow NY attorney-general Eliot Spitzer by filing civil complaints this week.
  • Jeffrey Greenberg, the chief executive of MMC, has tendered his resignation in response to the crisis which has enveloped his company following allegations of corrupt trading practices by the combative New York attorney-general Eliot Spitzer, Insider Week
  • Euclidian, the Berkshire Hathaway backed insurance company, will merge with fellow Lloyd’s agency, Marlborough Underwriting.