18 March 2010

Greenberg takes a buffeting

05/05/2005

The insurance community continues to watch with horrified fascination each twist in the US scandal of AIG, the world's largest insurer and parent of blue chip UK groups, which has admitted to persistent financial irregularities under the reign of Hank Greenberg. These are alleged to involve misusing so-called reinsurance programmes to massage profits and perhaps reward key personnel in offshore and onshore arrangements, some with companies in the empire of legendary investor Warren Buffett.

Less gory changes are afoot in Britain. Legal & General has begun to look for a chief executive as David Prosser prepares to retire. Standard Life, preparing to de-mutualise, has recruited Alison Reed from Marks & Spencer as finance director.

Insurance broker Jardine Lloyd Thompson (JLT) is investigating a Cayman Islands subsidiary, which supported a captive insurer alleged by the US authorities to be involved in fraud. JLT is not subject to any allegations or inquiries itself.

Sector: Nonlife Insurance

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