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…
International
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…
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…