EC to probe industry
15 June 2005
The European Commission has decided to investigate retail banking and general insurance sectors in the European Union…
International
AIG files much-awaited figures
07 June 2005
American International Group has finally filed its 2004 annual report with the US Securities and Exchange Commission, restating results for the past five years…
Aviva goes for more China business
07 June 2005
UK insurer Aviva is tendering for two more licences to sell life assurance policies in China this year…
Florida hurricane bill announced
07 June 2005
Florida Governor Jeb Bush has enacted a hurricane insurance law that restructures the Florida Hurricane Catastrophe Fund and changes coverage for personal lines property insurers…
AIG’s Florida office under threat
24 May 2005
Former American International Group CEO Maurice “Hank” Greenberg may be prosecuted for his management of the US company he is usually credited…
Former General Re CEO silent
24 May 2005
It’s all getting a bit murky for Berkshire Hathaway’s General Re, as former CEO Ronald Ferguson has elects to “take the fifth” – invoking his constitutional right to refuse…
AJG settles on compensation practices probe
24 May 2005
Arthur J Gallagher has agreed to fork out $US27 million and reform its business practices in a bid to take the heat off investigations into the company’s contingent…
Asbestos bill lags some more
24 May 2005
Another setback has emerged in the drawn-out bid to establish a $US140 billion asbestos compensation fund in the US…
US asbestos bill still lagging
17 May 2005
The protracted establishment of a $US140 billion asbestos compensation fund may actually be getting somewhere, as approval of the bill behind the fund looks on the verge…
Big companies turn to self-insuring
17 May 2005
Soaring premiums since September 11 have led many of the world’s biggest companies to choose to cover their largest risks themselves, according to leading broker Aon…
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…
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…