Reinsurance probe gets civil
17 May 2005
A senior executive at General Re may be sued by the US Securities and Exchange Commission as the regulator gets deeper into reinsurance accounting investigations…
International
Lloyd’s warns on hurricane losses
10 May 2005
Lloyd’s might have taken a bit of a pounding from last year’s northern hemisphere hurricane season, but Chairman Lord Levene says the market is back for more…
Marsh first quarter revenues fall
10 May 2005
Marsh & McLennan has reported its first-quarter profits showing a 70% fall compared with the corresponding period last year…
Lloyd’s Names get a return
10 May 2005
Lloyd’s has released its 2002 results, showing that Names made an average return on capital of 37%, with profits 29% above Lloyd’s average…
Willis to let 500 employees go
03 May 2005
Global broker Willis Group will cut 500 jobs and has set aside severance costs and finances amounting to around $US20 million in case of further legal claims…
Gallagher sets aside $US35 million for probe
03 May 2005
US-based broker Arthur J Gallagher has put aside $US35 million for any legal costs and compensation that may arise from what it calls “a substantial number”…
AIG reinstates statements after accounting problems
03 May 2005
AIG will reinstate its annual financial reports for the majority of the last five years and will reduce its net worth by around $US2.7 billion due to “accounting errors”…
Lloyd’s chief outlines plan to restore faith
27 April 2005
Lloyd’s Chairman Lord Peter Levene has told the industry it must eliminate conflicts of interest and restore the confidence of consumers in order to move forward…
Chubb puts on 30% profit spurt
27 April 2005
The Chubb Corporation has revealed a net income of $603 million for the first quarter of this year – a 30% increase over the corresponding period last year…
Greenberg’s wife benefits from shares
19 April 2005
Three days before he quit AIG, former Chairman and CEO Maurice “Hank” Greenberg gave his wife $2.2 billion worth of AIG shares…
Terrorism extension stymied
19 April 2005
The US insurance industry has lobbied hard for the US Senate to extend the Terrorism Risk Insurance Act but some senators are continuing to hinder the plan…
Greenberg clams up as Spitzer attacks
12 April 2005
Deposed AIG Chairman and CEO Maurice Greenberg has invoked his Fifth Amendment right to silence before being questioned by regulators over financial reinsurance deals…
Lloyd’s reports 28% fall in 2004 profit
12 April 2005
Lloyd’s has announced an annually accounted profit of $3.32 billion for the year – better than a few years ago but still down 28% from the previous year…
UK probe turns up some financial reinsurance deals
12 April 2005
The UK Financial Services Authority has encountered financial “misengineering” in the past few months…
Munich Re questioned over AIG
12 April 2005
US regulators investigating AIG are now questioning Munich Re about deals involving Richmond Insurance…
US insurance probes dig deeper
05 April 2005
Intrigue, admissions of improper accounting, more sackings of top managers, new rules for finite reinsurance contracts… the list of regulatory issues for US insurers…
Greenberg gives up chairman’s role
05 April 2005
Less than two weeks after being replaced as CEO, Mr Greenberg, 79, announced last week he will also step down this week as chairman of the giant insurer…
AIG’s Bermuda operation sealed off
05 April 2005
Bermuda-based Michael Murphy, regarded as a long-time confidant of Mr Greenberg’s, was fired after 32 years’ service and the company’s Bermuda operations sealed…
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…
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…