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07 Dec 2004 10:30 AM
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Aon found conduct code violations in internal investigation :
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Aon internal investigation has revealed violations of its code of conduct as “some employees have not always followed" principles specified by the company guidelines, according to the company CEO Patrick G. Ryan. He promised to "take appropriate action." The company offered no comment about the specifics of the action proposed or the date when the probe will be completed.
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07 Dec 2004 09:13 AM
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WTC attacks may cost Allianz 80 million euros :
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Allianz AG, Europe’s largest insurer, announced that it could lose 80 million euros ($107.6 million) in payouts related to the World Trade Center terrorist attacks as New York District Court ruled today that the attacks are to be considered as two separate events.
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03 Dec 2004 09:03 AM
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P/C industry will see tighter controls, insiders predict:
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The Property/Casualty Industry is likely to see reforms of its business rules, believe most participants of the 16th Annual Executive Conference for the Property/Casualty Industry, held in New York in November 2004. The results of the opinion poll were reported by the audit and consulting firm PricewaterhouseCoopers.
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01 Dec 2004 03:38 AM
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Californian lawsuit filed in 1999 centers on kickbacks:
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A California lawsuit targeting insurance brokers was filed in 1999 in San Francisco. The probe centers around the same issues that New York Attorney General Eliot Spitzer is investigating in his suit against Marsh &McLennan concerning the ’kickbacks’ or contingent fees that brokers are paid on reaching a certain amount of business
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25 Nov 2004 07:24 AM
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AIG settles SEC and DOJ probes with $126 million:
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American International Group Inc., the world's largest insurer in terms of market capitalization, announced its agreement to pay $126 million in settlement of the probes launched by U.S. Securities and Exchange Commission and U.S. Department of Justice.
Out
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24 Nov 2004 09:09 AM
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Unusual hurricane activity in the US costs insurers $20 billion:
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This year witnessed an exceptional level of hurricane activity, reports Zurich-based Swiss Reinsurance Co.
According to the Swiss reinsurer’s data, it was unusual that six of the eight hurricanes in the US evolved into “intense” storms of Category 3 or more. It was also uncommon that four intense storms hit the same state of Florida, a situation that happened only in three other seasons: 1886, 1896 and 1964, the company states in its
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23 Nov 2004 11:55 AM
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AIG is approaching settlement with SEC on accounting charges:
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AIG announced Tuesday that it was approaching a settlement in criminal and regulatory probes that concern its sales of products used by other companies to polish financial results.
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23 Nov 2004 11:06 AM
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Allianz will sell DrKW only to a partner who will give a "strategic advantage":
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Allianz, Germany’s largest insurer, seeks to establish a "strategic advantage" through the sale of its Dresdner Kleinwort Wasserstein investment banking arm and will only sell the unit to a partner that can guarantee such an advantage, for example, a Japanese bank, as the insurer targets a possible regional distributor of its products. Allianz made it clear that the deal is not about capital as it is ready to spurn "pure financial" buyers.
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18 Nov 2004 08:55 AM
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Top insurance brokers have many insiders on board:
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New York Attorney General Eliot Spitzer probe targets Marsh & McLennan Cos., Aon Corp. and Willis Group Holdings Ltd. and other top insurance brokers that have more insiders on their boards than the majority of U.S. companies.
The Standard & Poor's 500 Index companies are 74% independent from their boards, while the six U.S. largest
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17 Nov 2004 11:16 AM
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Munich Re unit received subpoenas in two US states:
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Munich Re U.S. unit received two subpoenas in two states with a request to provide insurance regulators with information as the unit may be accused of wrongdoing.
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17 Nov 2004 08:11 AM
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Zurich Financial 3Q profit falls:
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The biggest insurer for Switzerland Zurich Financial Services AG reported its third-quarter decline as hurricane season in the U.S. and the Caribbean was the fiercest in a century-period.
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15 Nov 2004 10:08 AM
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AIG to close settlement with SEC over PNC:
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The world’s largest insurer American International Group Inc. said it nears to an end in a settlement with the Securities and Exchange Commission which opened a probe over the possible help for PNC Financial Services Group in accounting fraud.
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15 Nov 2004 05:53 AM
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Spitzer probe to have one more casualty:
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Eliot Spitzer, a New York Attorney General said he would file a lawsuit against an insurance company, the second casualty in Mr. Spitzer’s probe over insurance industry.
Marsh & McLennan, the world’s insurance giant, faced the lawsuit from Eliot Spitzer on October 14 as the New York
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12 Nov 2004 08:37 AM
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Deloitte: life and death situation exaggerated?:
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Reinsurance industry sees rough times with the top reinsurer Deloitte & Touche LLP facing a potential $2 billion legal claim involving its audits of California-based insurer Fortress Re.
Aviation
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12 Nov 2004 08:08 AM
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Allianz's third-quarter net profit declined 8%:
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German insurer and banking giant Allianz AG said today third-quarter net profit declined 8%. The insurance and banking group’s net profit fell to €539 million euro, from €586 million euro a year earlier. Analysts expected €441 million euro net profit. Operating profit rose to €1.87 billion euro from €939 million euro. For the first nine months of the year, net profit more than doubled to €1.828 billion euro from €732 million euro. Assets
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