Berkshire Hathaway profits rise
21 May 2002
After suffering big losses from September 11, Berkshire Hathaway, the vehicle of US investment guru Warren Buffett, has announced a 51% increase in quarterly profits…
International
China separates insurance from banking
21 May 2002
In a move that reflects the old law that ruled US financial services for many years, China has made it clear that insurance and banking will be kept well away from each other…
US asbestos settlement – one of the biggest
21 May 2002
US chemical and paint manufacturer PPG and several insurers will pay out around $5 billion over 21 years in a bid to settle all outstanding and future asbestos claims…
Allianz reaps rewards… in insurance
21 May 2002
German giant Allianz has marked the first quarter of 2002 with a record profit…
WTC blowtorch turns on Willis
14 May 2002
Willis Chairman and CEO Joe Plumeri is a fast-talking, streetwise New Yorker…
Lloyd’s rethinks its Names strategy
14 May 2002
After months of brinksmanship, Lloyd’s Chairman Sax Riley has admitted that the recently announced plan to buy the market’s 12,000 unlimited liability Names out…
UK insurers face tougher capital adequacy rules
14 May 2002
Britain’s Financial Services Authority has decided to impose tighter capital adequacy rules on insurance companies to reduce the risk of a major company falling over…
US banks untroubled by lack of terror cover
14 May 2002
The lack of availability of terrorism cover since September 11 hasn’t stopped US banks from lending money for commercial projects…
When a new broker is a very big deal
14 May 2002
A company named JK Industries is set to launch an insurance broking business in 10 major Indian cities…
Lloyd’s looks into China
07 May 2002
Lloyd’s Chairman Sax Riley has met with Chinese diplomats to discuss the possibility of the London market setting up an onshore reinsurance operation in China…
New boss for Marsh NZ
07 May 2002
Mega-broker Marsh has appointed a new management team for its New Zealand operation…
Maurice Greenberg gets two understudies
07 May 2002
After several years of controversy over possible successors to its long-time CEO, giant American insurer AIG has finally moved to fix the problem…
Lloyd’s makes risk management e-easy
07 May 2002
An “e-hub” designed to transfer and manage risk more efficiently is the latest technology to come from Lloyd’s technology team at lloyds.com…
Europeans get airline war risks scheme
07 May 2002
In a European version of the US Equitime scheme to provide airlines with cover for war risks, insurance brokers Aon and Willis have announced a joint project called Eurotime…
Allianz reaches for the sky
29 April 2002
German giant Allianz has combined with a number of international partners to develop a product that deals with aviation terrorism and war third party legal liability…
St Paul goes offshore – US goes ballistic
29 April 2002
The US Government is getting upset at the number of financial services companies setting up headquarters offshore, principally in Bermuda…
September 11: some developments
29 April 2002
Remember Larry Silverstein, the New York developer who was leasing the World Trade Centre towers…
Huppi quits Zurich
23 April 2002
First Zurich Financial Services lost its global CEO when Rolf Huppi stepped aside in the face of strident shareholder criticism of his recent performance…
Aon battles the bulge
23 April 2002
Higher expenses and a fall in revenue have seen Aon Corporation announcing a lower-than-expected first-quarter profit…
Lawyers keep reforms on ice
23 April 2002
New York’s state’s motor vehicle insurance reforms, detailed in the April edition of Insurance & Risk Professional, remain tied up in court by plaintiff lawyers…