News in brief
Anglo-American scheme increase
The joint scheme administrators of Anglo American Insurance Company, KPMG partners Tony McMahon and John Wardrop, revealed that the payout percentage has climbed yet further from 85 percent to 90 percent.
It is the third increase in the scheme in the last 18 months and a substantial boost from the original dividend payout of 30 percent. KPMG anticipate making the final round payments in 2005.
Hiscox share options
Lloyd's insurer Hiscox said last week that it had granted share options worth in the region of £936,000 to its directors as part of the company's employee share option scheme.
In a statement to the London Stock Exchange, the insurer said it had granted 50,000 ordinary shares of 5p each to company chairman Robert Hiscox, 200,000 shares to CEO Bronek E Masojada, 150,000 to finance director Stuart J Bridges and 200,000 to underwriting director Robert S Childs.
It said the share options were exercisable at a price of 156p.
Omni takes on Syndicate 2002 run-off
Omni Whittington has said it will assume responsibility for running off Syndicate 2002, formerly managed by Zenith Syndicate Management.
Omni said it was looking for an orderly exit from the Lloyd’s market for the Syndicate with closure at the expected date.
It is Omni’s second novation in the space of three months. Previously it took over run-off management of Talbot Underwriting’s Syndicate 376.