Big changes as accountants take a second look
05 April 2005
AIG’s annual returns for 2004 have been delayed to enable the company to account properly for a $US500 million retrocessional loss portfolio contract organised through General Re…
International
Aon appoints new CEO
05 April 2005
Aon Corporation has replaced founding CEO Patrick Ryan with Gregory Case in the roles of President and CEO after the insurer agreed to pay $190 million to settle…
Another settlement for Equitas
05 April 2005
Lloyd’s asbestos reinsurer Equitas has settled its latest asbestos liability claim, setting up a $US539 million trust account for a subsidiary of US energy services giant…
Ebix reports all round increases
05 April 2005
Major US insurance software developer and e-commerce solutions group Ebix had a strong 2004 globally, with net income rising 35% to $US3.12 million…
Co-President of Marsh resigns
30 March 2005
Global insurance broker Marsh & McLennan has announced the resignation of its risk and insurance services subsidiary co-president Peter Garvey, less than four months…
AIG probe sees two execs fired
30 March 2005
American International Group has fired two top executives who refused to co-operate with an investigation into the insurer’s accounting practices…
Heath Lambert introduces 1% of premium charge
30 March 2005
European independent insurance and reinsurance broker Heath Lambert Group has introduced a “Broker Insurer Services Commission”, at a flat rate of 1% of premiums…
Hank Greenberg ‘set to step down’
15 March 2005
Legendary US insurance leader Maurice “Hank” Greenberg is to step down as CEO of major insurer AIG, according to the Wall Street Journal…
Marsh unveils new fee strategy
15 March 2005
Global broker Marsh has unveiled its business model for the future, and it involves higher fees and commissions…
Willis battles, Aon pays
15 March 2005
No 3 broker Willis is embroiled in a court battle with authorities in the US state of Minnesota over allegations of conflicts of interest, deceptive practices…
Royal & SunAlliance recovering
15 March 2005
British insurer Royal & SunAlliance, the one-time owner of Australia’s Promina group, has announced a small but welcome profit for 2004…
US commissioners seek public comment
08 March 2005
While Eliot Spitzer continues to investigate broker and insurer issues in New York, the National Association of Insurance Commissioners has got in on the act…
Big decisions for US asbestos reform
08 March 2005
The asbestos agenda is hotting up in the US Senate, with draft bills for asbestos reform creating significant debate among senators…
UK regulator assesses costs
08 March 2005
The Financial Services Authority, the British version of ASIC and APRA rolled into one, is doing something the Australian regulators have never done…
Hank Greenberg faces investigation
01 March 2005
Maurice “Hank” Greenberg, the legendary Chairman and CEO of American International Group (AIG), is being investigated by New York Attorney-General Eliot Spitzer…
Aon in talks with US attorneys-general
01 March 2005
Aon Corporation is the latest US broker to have its operations overhauled as a result of a visit by New York Attorney-General Eliot Spitzer…
Real estate insurance kickbacks cause concern
01 March 2005
California’s Insurance Commissioner John Garamendi is investigating two real estate title insurers and the perks they receive…
Zurich results bright despite reserves
22 February 2005
Swiss-based global insurer Zurich Financial Services has reported strong results for 2004 with a net income of $US2.59 billion – a rise of 29% over 2003…
Three more guilty in Spitzer investigation
22 February 2005
Three more individuals, one from Marsh and two from AIG, are the latest to face possible jail terms after pleading guilty to criminal charges arising from the investigations…
Spitzer spotlight on finite reinsurance
22 February 2005
Regulators worldwide are getting more nervous about the finite reinsurance contracts many insurers use to smooth out discrepancies in their balance sheets…