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MMC culls board insiders
The beleaguered broking giant MMC took further steps to improve its corporate governance rating by firing five senior executives from its board of directors last week.
22 November 2004
Willis wins Fortune account from Marsh
Willis’ hopes that it may be the main beneficiary from any client fall-out at Marsh were boosted last week with the revelation that Fortune brands – a company named in Spitzer’s 14 October lawsuit – appointed Willis to replace the world’s largest broker.
22 November 2004
PXRE expands capacity with $83mn fund raising
PXRE’s Bermudian reinsurance arm PXRE Reinsurance Ltd will have an additional $83mn of capital to support its 2005 underwriting following the group’s successful fund raising.
22 November 2004
XL chief warns of challenges facing industry
Hurricanes, unresolved WTC losses, unreliable catastrophe modelling, PSAs: these are just some of the challenges faced by the global insurance industry for 2005 according to XL chief executive of Insurance Operations Clive Tobin.
22 November 2004
The Hartford buys cat loss bond
US property casualty giant The Hartford announced last Thursday (18 November) that it has bought a $247.5mn cat bond from Cayman Island reinsurance company Foundation Re “to enhance its ability to manage risk related to large natural catastrophes”.
22 November 2004
WTC jury deliberations ongoing
The verdict on the latest round of WTC insurance litigation is still hanging in the balance, as Insider Week goes to press.
22 November 2004
Helix wins Legion run-off contract
Run-off specialist Helix UK Ltd has been appointed to administer the London Market portfolio of Legion Insurance Company, the programme manager and insurer which collapsed last year following the demise of its parent Mutual Risk Management.
22 November 2004
Start-up Lloyd’s syndicate allocated 1965
Argenta’s new marine Lloyd syndicate will be allocated number 1965 when it begins trading next year, Insider Week can reveal.
22 November 2004
Aon named as defendant in $200mn+ BP Amoco energy case
Broker Aon has stated the potential impact of a mammoth round of energy litigation currently underway in the Royal Courts of Justice.
22 November 2004
Spitzer’s spotlight could spell the end for finite reinsurance
Companies subpoenaed but ratings agencies and observers divided over impact of latest regulatory probe
22 November 2004
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