A round-up of the top reinsurance stories online
It’s hard to deny that sex sells, in light of our most popular web story. Munich Re’s retail arm Ergo hit the headlines for all the wrong reasons in May after details of a sordid company-funded orgy in 2007 were leaked to the press. The Eyes Wide Shut-themed bash for 100 of the insurer’s top performers and 20 prostitutes at a Budapest hotel spa kept reinsurers clicking.
The long-running staff-snatching war between broker giants JLT and Aon continued to tantalise the industry this month, following Aon Benfield UK executive Alastair Speare-Cole’s decision to jump ship to become JLT Re’s chief executive.
Still on people moves, it seems reinsurers love a good mystery. Guy Carp chief executive of international Henry Keeling’s decision to leave the company without explanation was our third most popular story.
Keeling’s decision followed a management reshuffle at the top of Guy Carpenter after chief Peter Zaffino quit to become president and chief executive at Marsh and Alex Moczarski was appointed as Zaffino’s replacement.
The fourth most popular story was a warning to underwriters from the Lloyd’s Market Association not to fall foul of the Bribery Act or FSA when responding to London market broker pressure to meet commission increases.
And finally, taking heed of the scout’s code to always be prepared, reinsurers responded to meteorologists’ predictions of an “above average” hurricane season.The season kicked off on 1 June, so many market makers will be hoping the weathermen are wrong.
Online top five
1. Munich Re’s Ergo rewarded performance with prostitutes
Party included 100 sellers
2. JLT and Aon poaching war
Speare-Cole joins JLT Re
3. Henry Keeling to leave Guy Carpenter
Keeling move follows Zaffino’s departure
4. LMA warns on broker remuneration
Commission rises resisted
5. Prepare for an ‘above average’ hurricane season
Between 12 and 18 named storms predicted