December 2006/2
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Equitas’ senior executives will share a bonus pool of £10.4mn once the landmark agreement with Berkshire Hathaway is finalised.
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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.
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The North Korean government is attempting to collect on fraudulent reinsurance claims from international (re)insurers, according to reports in the US media.
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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.
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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.
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Lloyd’s insurer Kiln plc said pricing across it specialist underwriting portfolio continues to be strong in a trading statement released today (11 December).
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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.
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A US appeals court has blocked a class action lawsuit that alleged banks committed fraud in the IPOs of stocks, typically technology companies.
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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
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US hurricane and catastrophe reinsurance prices are expected to rise about 30 percent in the 1/1 renewals according to German giant Munich Re.
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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.
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Liberty Syndicates - one of the largest Lloyd’s (re)insurers – has reduced its underwriting capacity for 2007 by £187mn.
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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.
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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.
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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.
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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.
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Des Potter, the former head of insurance at Barclays Capital, joined Benfield Advisory Ltd on 4 December.
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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.
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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.
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Aon Ltd has won part of the global PricewaterhouseCoopers account from rival Marsh, Insider Week can reveal.
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Paul Milton, the chairman of Aon Professional Risks (APR), is set to retire from the organisation as Aon restructures the division’s reporting structures.
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In issue 253 of Insider Week, we erroneously attributed a quote from Morgan Stanley analyst David Collins, to Nick Johnson of Numis.
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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.
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German giant Hannover Re has become the latest (re)insurer to offer takaful lines establishing Hannover ReTakaful Bahrain.