December 2006/2

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.

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.

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.

The North Korean government is attempting to collect on fraudulent reinsurance claims from international (re)insurers, according to reports in the US media.

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.

Randall & Quilter Group Investment Holdings Ltd (R&Q), the UK based acquirer of run-off businesses, confirmed last week that it had acquired its fifth run-off (re)insurer this year with the purchase of Ancon Insurance.

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

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.