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What’s new: In brief (February 10, 2005)


February 10, 2005   by Canadian Underwriter


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Aon Corp. has set aside US$50 million for possible settlements resulting from investigations into industry practices in New York and other U.S. states. The company says US$43 million of this is allocated to its insurance brokerage and risk arm, while the remainder is to its consulting operations. The announcement came as the company reported earnings per share dropped to US$0.56 in the fourth quarter from US$0.65 per share a year earlier. Aon CEO Patrick G. Ryan notes, “it remains a difficult environment in which to achieve meaningful revenue growth given industry pricing trends and our decision to terminate contingent commission agreements.”

The number of piracy attacks dropped to 325 in 2004, from 445 a year earlier, according to the International Maritime Bureau (IMB). However, the death toll from piracy rose to 30, from 21 the year prior. Indonesian waters remain the most dangerous, with 93 incidents reported there last year, while Nigerian waters were the scene of 28 attacks.

The Honorable Order of the Blue Goose, Ontario Pond, has planned a “St. Patrick’s Day Party” for Mike Yang. Industry veteran Yang was left paralyzed by a viral infection in late 2003, but his recovery efforts have allowed him to return home, and he and his family are now hoping to make their home accessible, and purchase a wheelchair-enabled vehicle. The Irish party and fundraiser is set for March 10 at the Ontario Bar Association in Toronto, and more information can be obtained by emailing Jennifer Maloney at jmaloney@cdnins.com.