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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.
  • 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.
  • 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.
  • Liberty Syndicates - one of the largest Lloyd’s (re)insurers – has reduced its underwriting capacity for 2007 by £187mn.
  • 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.
  • Forecasters Tropical Storm Risk (TSR) have warned that 2007 will mark a return to the over-active hurricane seasons that the Atlantic has become familiar with in recent years.
  • 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.
  • US giant American International Group (AIG) and CV Starr, the managing agency controlled by its former chairman and CEO Maurice “Hank” Greenberg, have settled the legal disputes stemming from the termination of their business relationship.
  • German giant Hannover Re has become the latest (re)insurer to offer takaful lines establishing Hannover ReTakaful Bahrain.
  • 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.
  • The North Korean government is attempting to collect on fraudulent reinsurance claims from international (re)insurers, according to reports in the US media.
  • 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.
  • 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.
  • Lockton International has swooped for senior Marsh duo Chris Brown, the head of risk management for its Europe, Middle East and Africa division, and Neil Nimmo, the head of its London based financial and professional lines operations (FINPRO) practice, In
  • 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.
  • Aon Ltd has won part of the global PricewaterhouseCoopers account from rival Marsh, Insider Week can reveal.