Marsh & McLennan settling starts
04 October 2005
About 70,000 clients of Marsh & McLennan in the US have signed up for a piece of the $US850 million compensation fund the group has set up as part of its settlement…
International
Mississippi tries to void flood exclusions
27 September 2005
Mississippi Attorney-General Jim Hood has angered US insurers by demanding flood exclusions in policies should be voided for claims arising from Hurricane Katrina…
Katrina insurance bill could hit $US43 billion
27 September 2005
Disaster modelling company Eqecat has revised its estimate of insured damages from Hurricane Katrina to a high of $US43 billion, with claims from the offshore oil and gas industry…
Still too early to tell with Rita
27 September 2005
While an exact figure on insured losses in the wake of Hurricane Rita has not been determined, Risk Management Solutions has estimated a likely range of $US4-7 billion…
FSA announces review of general insurance regulation
27 September 2005
The UK’s Financial Services Authority wants to review the effectiveness of its new general insurance regulatory regime…
Study says asbestos fund would quickly go broke
27 September 2005
The $US140 billion asbestos compensation fund being considered by the US Senate would be swamped by more than double that amount in claims and go broke within three years…
Willis CEO pushes boundaries
20 September 2005
How the industry responds to Hurricane Katrina, approaches contract certainty, achieves transparency and addresses contingent commissions are four key defining moments…
Lloyd’s ready for $60 billion losses
20 September 2005
Lloyd’s has a provisional estimate that its total exposure to Hurricane Katrina claims is £1.4 billion…
Former Marsh execs face criminal charges
20 September 2005
Enough of the apologies, Marsh is getting back on the front foot…
Buffett’s people probed
13 September 2005
The Oracle of Omaha, multi-billionaire Warren Buffett, has had a tough 12 months since his reinsurance operations got caught up in a series of entanglements with US regulators…
Katrina losses rise
13 September 2005
Leading assessment firm Risk Management Solutions now predicts economic losses from Hurricane Katrina and its aftermath might reach as much as $US100 billion…
Storms new CEO of Marsh
13 September 2005
Marsh & McLennan President and CEO Michael Cherkasky has kicked himself upstairs to concentrate on growth, while Brian Storms…
…while Marsh sells Crump
13 September 2005
Marsh has signed a definitive agreement to sell its US-based wholesale broking operation Crump Group to an affiliate of JC Flowers & Co, a New York-based private equity firm…
Katrina the most expensive yet
06 September 2005
Insurers face record payouts, and some will experience record losses, after Hurricane Katrina laid waste to the US Gulf Coast last week…
Swiss Re warns on storms
06 September 2005
Devastating storms in Europe, which cost insurers €1 billion in January, may be more common in the future, according to Swiss Re…
New person at the Swiss Re helm
30 August 2005
Swiss Re has appointed a new CEO, Jacques Aigrain, to succeed Briton John Coomber, who will retire on December 31…
Europe braces for insurance investigation
30 August 2005
The European Commission’s remarkably thorough bureaucrats have called for tenders from economists prepared to examine the structure of the commission’s inquiry…
Hurricane Katrina may cost $US30 billion
30 August 2005
As Hurricane Katrina belts the daylights out of the south-eastern US, insurers are already bracing for some whopper payouts…
AIG turns the corner
23 August 2005
Accounting errors and the pain of taking a financial hit to set the record straight haven’t hurt American International Group too much…
Zurich’s life operations bring in the money
23 August 2005
Global insurer Zurich Financial Services recorded a 21% rise in first-half net profit thanks to improved life insurance and investment returns…