Marsh broker investigated by grand jury
16 August 2005
A New York grand jury is investigating whether a former top insurance broker at Marsh participated in bid-rigging for corporate clients, according to the Wall Street Journal…
International
Greenberg attacks AIG
09 August 2005
Maurice “Hank” Greenberg – the ousted CEO of AIG – has slammed the new management of the company and its auditors, defending his role in the accounting irregularities…
Cost-cutting increases Aon’s profit
09 August 2005
Global broker Aon may have been targeted by the US regulators for its dealings in contingent commissions, but cutting costs has assisted the Chicago-based company…
US study gives contradictory messages about insurance market
09 August 2005
Pricing across the various classes of insurance in the US is giving mixed messages about the state of the market…
Reserve strengthening impacts Munich Re’s second-quarter
09 August 2005
Despite good overall half-year profits, Munich Re has reported a 74% decrease in profits for the second-quarter of the year, revealing the fallout from recent reserve strengthening…
Brokers dip, insurers do better
02 August 2005
With the global industry players beginning to release their June results, it’s obvious the fall-out from the Spitzer and other regulatory probes in the US is hitting brokers where it hurts…
Insurers brace for huge claims from Mumbai floods
02 August 2005
Indian insurers are bracing themselves for a massive insured damages bill after torrential rains and severe floods hit Mumbai, killing more than 1000 people…
Ace to fix finite problems
26 July 2005
The Eliot Spitzer juggernaut rolls on. International insurer Ace has come under the spotlight of the New York Attorney-General over its use of eight finite reinsurance contracts…
Asbestos bill has a chance
26 July 2005
In what has become an almost farcical endeavour, the slow-moving $US140 billion asbestos compensation fund bill is creeping closer to the Senate floor, where it needs to be debated…
TRIA tug-of-war under way
19 July 2005
With the expiry date for the US Terrorism Risk Insurance Act looming, the many interested parties involved in the issue are getting noisy in their calls for an extension…
Greenberg preparing his defence
19 July 2005
Former AIG CEO Maurice “Hank” Greenberg has spoken publicly for the first time about upcoming talks with regulators over the company’s accounting scandal…
RMS updates Hurricane Dennis insured losses
19 July 2005
In US hurricane terms, Hurricane Dennis has been a bit of a fizzer, and leading risk modeller Risk Management Solutions has revised its insured US loss estimate down…
Claims minimal after UK bomb attacks
12 July 2005
Last week’s bomb blasts in London have led to speculation about how the property and casualty insurance sector will deal with potential claims…
Big bill follows Hurricane Dennis
12 July 2005
Hurricane Dennis – the first and the most serious hurricane to hit the Gulf of Mexico this year – could land the insurance industry with a bill of up to $US8 billion…
Regulator targets illegal brokers
12 July 2005
Britain’s regulator, the Financial Services Authority, is cracking down on illegal insurance brokers amid growing concern about unauthorised insurance businesses…
Citicorp Life insurer in US takeover
12 July 2005
Australian-based life insurer Citicorp Life Insurance has been bought by US company MetLife Inc as part of its $US11.8 billion acquisition of Citigroup’s Travelers Life and Annuity…
Profits up for AIG
05 July 2005
US giant American International Group has reported a net income of $US3.68 billion for the first quarter of this year – up 44% from the figure it restated…
UK policyholders still wary of brokers
05 July 2005
A UK survey shows that despite recent changes in market practice, insurance buyers still believe there is a need for further action to be taken to improve broker transparency…
TRIA deal bites the dust
05 July 2005
The US Treasury Department has recommended the Terrorism Risk Insurance Act not be extended in its current form…
Climate change a major issue, say insurers
05 July 2005
Damage costs could increase by as much as two-thirds by the end of the century if climate change continues to affect the intensity of extreme storms…