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  • American International Group (AIG) disclosed last week that Howard I Smith, the company's former chief financial officer, has resigned from its board.
  • Merrill Lynch analyst Blair Stewart has reaffirmed his “buy” recommendation on Paris based (re)insurance giant Axa, while also increasing its price objective by 4 percent to EUR25.
  • Lloyd’s members’ agency CBSPC has launched a new investment fund for private capital.
  • Despite boosting asbestos reserves by £167mn, Lloyd’s pre-1993 run-off vehicle Equitas heralded a year of progress which has left it in a stronger financial condition as it announced its financial results for the year ended 31 March 2005 today (7 June).
  • Amlin plc confirmed last week that it is in discussions with fellow Lloyd’s insurer Chaucer plc about a possible takeover.
  • After approving competition directorate proposals, the European Commission (EC) has today (13 June) announced the launch of a competition investigation into the commercial insurance sector.
  • Reinsurance broker Benfield Group has warned that 2005 profits will be lower than last year because of an increasing cost base.
  • French reinsurer SCOR last Friday (10 June) announced restructuring plans, reflecting the change in its profile brought about by the so-called “Moving Forward” plan actioned by the group in August last year to continue its recovery.
  • Switzerland based (re)insurer Zurich Financial Services (ZFS) has appointed Jane Tutoki as its new group chief claims officer for the general insurance business.
  • FM Global announced last week its first involvement with catastrophe bonds after Goldman Sachs placed a $300mn bond covering earthquake activity in the Northwest region of North America.