Marsh & McLennan Companies (MMC), has been watching its share price drop in response to its mutual fund subsidiary, Putnam Investments, becoming embroiled in a lawsuit with …
MMC troubledMarsh & McLennan Companies (MMC), has been watching its share price drop in response to its mutual fund subsidiary, Putnam Investments, becoming embroiled in a lawsuit with US regulator the Securities and Exchange Commission (SEC).Putnam chief executive Lawrence Lasser paid with his job on Monday in the wake of SEC allegations of improper trading by two other executives in a shake-up demanded by MMC.The move appeared to restore investor confidence in MMC on Tuesday, when its share price gained 5%.
Chinese clamourInsurers appear to be queuing up for a stake in the Chinese market.A share offer by PICC is reported to be more than four times oversub-scribed. PICC controls 70% of China's non-life market. AIG already has a 9.9% holding.
WTC trialsInsurers will go head-to-head with World Trade Center leaseholder Larry Silverstein in February. The first of three phases of a trial to settle liability could take just four weeks, it was reported.
Corrie slideLloyd's broker Corrie Bauckham Batts reported turnover down in 2002 as a result of falling north American business.Turnover was £4.8m for the year, compared to £6.2m in 2001. North American turnover fell to £4.3m from £5.9m.Pre-tax profit fell to £689,000 from £1.5m.
Hayward riseHelicopter specialist Hayward Aviation's revenues and profits grew in 2002, it reported.The Lloyd's broker said turnover was up by 26% to £5.3m from £4.2m in 2001.Pre-tax profit was up by 24% to £2m from £1.6m.