February 2004/2

US engineering firm Halliburton has announced a $575mn (£317mn) settlement of its asbestos exposures with Equitas, the reinsurer established by Lloyd's in 1996 as a run-off vehicle for its pre-1993 liabilities.

In the second of the week’s investment rating downgrades, Morgan Stanley analysts have changed their rating on shares of Berkshire Hathaway from overweight to equalweight.

Mutual Risk Management filed a lawsuit against US insurer John Hancock last week blaming it for contributing to the Bermudian based programme manager’s demise.

Sian Fisher became the second respected London market executive to announce a surprise resignation last week when she ended her 18-year relationship with Hiscox, a day after Lloyd’s finance director Andrew Moss resigned.

Lloyd’s finance director Andrew Moss surprised observers last week when he resigned to become the Group finance director of UK insurer Aviva plc.