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Aon applauded for backing Beazley initiative
As the London market continues to debate the extent and cost of services brokers perform on behalf of subscription market insurers, broking giant Aon has been applauded for backing new underwriting slips which record in greater detail the levels of commis
03 May 2005
JLT shares fall following downbeat trading statement
Shares in Jardine Lloyd Thompson Group plc (JLT) came under sustained selling pressure last week after the firm issued another downbeat trading statement.
03 May 2005
AJ Gallagher sets aside for Spitzer settlement costs
US retail broker Arthur J Gallagher expects regulatory probes into its activities could cost the firm up to $35mn in costs, after examining the settlements made by Marsh, Aon and Willis.
03 May 2005
Heritage shareholders bid for Lloyd’s insurer
Privately owned Lloyd’s insurer Heritage Underwriting Agency plc has confirmed that it has received interest from at least two parties interested in acquiring the group.
03 May 2005
Munich Re optimistic over 12 percent ROE
The world’s largest reinsurer Munich Re said it was on track to record a 12 percent after tax return on equity to celebrate its 125th anniversary.
03 May 2005
Willis’ springtime woes
But Plumeri points the way to a brave new world... April became the cruelest month for Willis, with job losses, a licence suspension, a more than halving of profits and the setting up of a $20mn legal reserve all occurring recently.
03 May 2005
Bermuda 1Q results
ACE sees slight deterioration on higher revenues; Partner Re struck by Q1 losses; IPC Re profits down on Q1 cats; XL shows strength despite wind loss; Fixed income losses hit Montpelier profits; Max Re life change continues; AXIS continues on growth path;
03 May 2005
Berkshire Hathaway close to $1bn insurance acquisition
Berkshire Hathaway is poised to make an insurance acquisition worth almost $1bn, investment titan Warren Buffett revealed at the weekend while hosting his company’s annual shareholders’ gathering.
03 May 2005
AIG points of finger of blame after $2.7bn restatement
Embattled insurance giant AIG has pointed the figure at its former management for contributing to a mountain of accounting errors and “inappropriate transactions” that over-stated its book value by some $2.7bn.
03 May 2005
Marsh drags MMC profits
Marsh & McLennan Companies (MMC), the parent of world’s largest broker Marsh, today (3 May) reported first quarter net income of $134mn, or $0.25 a share, well down on the $446mn or $0.83 a share booked in the first three months of 2004.
03 May 2005
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