Marsh grabs client
Lloyd's broker Heath Lambert has lost client Christian Salvesen to Marsh, a report revealed.
Marsh grabs clientLloyd's broker Heath Lambert has lost client Christian Salvesen to Marsh, a report revealed.It said Heath placed cover for the logistic group's casualty insurance and lost the contract to Marsh, which already acted as broker for its property insurance. Under the deal, Marsh will provide all Salvesen's British and European insurance brokerage business, said the report.
WTC clashLawyers for Larry Silverstein argued that a clause in the underwriting slip for the complex meant broker Willis was free to choose whichever company it wanted as the lead insurer in the WTC trial this week.Wellington underwriting director Neil Chapman signed a slip for the Centre which stated that the insurer "agreed to abide by the decision of the lead underwriter" when it came to the policy form, said Silverstein's legal team.The trial continues.
Energy case closingThe long-running Aon77 energy dispute, which has been in court since the end of 2003, is nearing resolution, a report has claimed.It said it was understood that the legal teams involved were preparing their closing arguments for yesterday.
Lloyd's profit boostLloyd's is expected to report record full-year profits of more than £1bn next month, claimed a JP Morgan report.It said it would take several more years for the £3.1bn loss in 2001 to be wiped out, but that next month's results were expected to show an increase on the £834m profit made in 2002.
TSB insurance dropLloyds TSB's full year results showed a 4% drop in pretax profit for its general insurance activities, down from £753m in 2002 to £720m for 2003.Lloyds TSB said it made a pretax profit of £219m on its underwriting activities, and £501m from its broking business.