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”…
International
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…
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…