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December 2006/2

  • Equitas’ senior executives will share a bonus pool of £10.4mn once the landmark agreement with Berkshire Hathaway is finalised.
  • UK regulator the Financial Services Authority (FSA) has written to chief executives of brokers highlighting their responsibility to disclose commissions when requested by clients, in compliance with its Insurance Conduct of Business (ICOB) rules.
  • Despite a bullish investor presentation in early December by Marsh & McLennan (MMC), analysts continue to question the ability of the company’s management to unlock value from its “diverse” operating subsidiaries.
  • A US appeals court has blocked a class action lawsuit that alleged banks committed fraud in the IPOs of stocks, typically technology companies.
  • Barclays Bank has been reinstated as a defendant in an Enron investor fraud suit by a US judge who gave shareholders a new opportunity to portray the bank’s role in the company’s collapse.
  • Bermuda’s largest reinsurance companies will see their registration and annual licence fees nearly quadruple under new legislation on the island.
  • Bermudian (re)insurer Aspen Insurance Holdings Ltd has taken the innovative step of wrapping a credit derivative structure around a portfolio of its reinsurance recoverables, in a $420mn transaction with investment bank Deutsche Bank.
  • US hurricane and catastrophe reinsurance prices are expected to rise about 30 percent in the 1/1 renewals according to German giant Munich Re.
  • In issue 253 of Insider Week, we erroneously attributed a quote from Morgan Stanley analyst David Collins, to Nick Johnson of Numis.
  • The EU needs to engage with more companies as it consults about the implementation of Solvency II the proposed new capital requirements for insurers across the EU, according to financial services company Deloitte.
  • Des Potter, the former head of insurance at Barclays Capital, joined Benfield Advisory Ltd on 4 December.
  • In a year that has seen ratings upgrades outstrip downgrades for the first time since 2000, Standard & Poor’s (S&P) has upgraded Bermudian (re)insurer Endurance Specialty Holdings Ltd from A- to A in response to growth...
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