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.

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.

Numis Securities analyst Nick Johnson has re-iterated his Sell rating on the stock of UK broker Jardine Lloyd Thompson plc citing concerns over the weak dollar and a poor trading environment hitting the company’s earnings.

Zurich American Insurance Co has finalised its settlements with 11 states, as well as the District of Columbia, resolving allegations of bid rigging, price fixing and misuse of finite risk products.

Following the close of the benign 2006 North Atlantic hurricane season at the end of November, Bermudian reinsurers are anticipating reaping record profits, according to the latest Benfield Bermuda Quarterly (BBQ) report.

Atrium Underwriting became the latest Lloyd’s (re)insurer to release an upbeat trading statement on 7 December, including an improvement on its 2004 year of account.

Advent Capital Holdings has become the latest Lloyd’s (re)insurer to unveil plans for a Bermudian platform, Advent Re, which will write retrocessional business.

Lloyd’s insurer Ascot Underwriting has confirmed plans to increase capacity on its Syndicate 1414 by 13.5 percent to £625mn for the 2007 underwriting year.

Bermuda’s largest reinsurance companies will see their registration and annual licence fees nearly quadruple under new legislation on the island.

In issue 253 of Insider Week, we erroneously attributed a quote from Morgan Stanley analyst David Collins, to Nick Johnson of Numis.

German giant Hannover Re has become the latest (re)insurer to offer takaful lines establishing Hannover ReTakaful Bahrain.