NEW GREENBERG VENTURE
Former Marsh & McLennan Cos. Inc. Chairman Jeffrey Greenberg is looking to raise $1 billion to fund Aquiline Capital Partners LLP, a new investment company. Greenberg and New York-based Venturion Capital are planning to raise the money in a private placement.Greenberg resigned the top post at MMC in October 2004 after New York Attorney General Eliot Spitzer filed a fraud and antitrust complaint against the company.
PRETTEJOHN MOVES ON
Nick Prettejohn, chief executive of Lloyd's of London, will leave at the end of the year to become chief executive of U.K. operations for London-based life insurer Prudential PLC. Luke Savage, director of finance and risk management at Lloyd's, will be acting chief executive from Jan. 1, 2006, until a successor is found. Prettejohn will succeed Mark Wood as chief executive of Prudential's U.K. insurance operations.
MARSH IN OLYMPICS DEAL
Marsh Inc. has been selected to provide insurance consulting and risk management services for the 2008 Summer Olympic Games in Beijing. Together with China Sports Insurance Broker Co. Ltd., Marsh will provide loss prevention and risk control planning and implementation, insurance plan design and implementation, claims management, contract management and analysis, contingency planning, and global project management.
AND LITIGATION FOR ALL
Nearly 90 percent of U.S. corporations are engaged in some type of litigation, and the average company balances a docket of 37 U.S. lawsuits, according to a survey. For $1 billion-plus companies in the United States, the average number of cases being juggled at home soars to 147, according to the 2005 Litigation Trends Survey, issued by the law firm of Fulbright & Jaworski LLP.
GLOBAL RISK FAILURE
Despite spending more time on risk management, boards at global businesses are failing to identify and manage emerging risks, according to new research published by Lloyd's. Research showed that while boards are assessing a wider range of risks in the light of corporate scandals and regulation, they are ignoring other risks such as terrorism and weather. In addition, despite recent terrorist attacks, less than half of companies are reassessing their risk management strategies, the research found.
P/C PROFIT RECORDED
The U.S. property/casualty industry recorded an underwriting profit of nearly $13.2 billion during the first six months of 2005, as the industry reaped the rewards of a hard market. Robust operating results drove the industry's surplus base up 5 percent to a new high.
RULES IN U.K.
The U.K.'s Financial Services Authority is proposing new rules requiring insurers to provide more detail on their use of finite reinsurance contracts. The new rules take effect in April.
--Compiled by staff from news and wire reports
December 1, 2005
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