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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.
  • Bermuda’s largest reinsurance companies will see their registration and annual licence fees nearly quadruple under new legislation on the island.
  • 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.
  • 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...
  • Lloyd’s insurer Kiln plc said pricing across it specialist underwriting portfolio continues to be strong in a trading statement released today (11 December).
  • 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.