November 2004/6

The National Association of Insurance Commissioners will host a public hearing later this week to consider comments on its proposals to toughen up brokers’ disclosure requirements on commissions.

Willis plays aggressive independence card Willis Group, the global insurance broker tipped by many to benefit from the Spitzer fall-out, has been aggressively marketing itself as a non-conflicted alternative to the mega-brokers Marsh and Aon.

The UK Financial Services Authority (FSA) has censured The Underwriter insurance company and fined its former CEO Keith Rutter £20,000 for circumventing FSA regulations in 2001 and 2002.

The removal of Jardine Lloyd Thompson Group’s chief executive Steve McGill following last Friday’s profits warning (26 November) will again focus attention on the insurance broker’s US expansion strategy.

Lloyd’s insurer SVB announced updated forecasts for its Syndicates today (29 November) revealing further deterioration on the troubled 2002 year, which soaked up £8.1mn of the £103.6mn loss provision it set up at 30 June 2004 to contend with its discontin

Lloyd’s insurer Kiln has announced increased capacity for 2005 and stable or improving forecasts for open years for all four of its managed syndicates.