November 2004/6

Lloyd’s insurer Amlin announced last Wednesday (24 November) that it has restructured its debt, raising $50mn in subordinated debt and signing a new £30mn ($57mn) 12-month term loan facility with Lloyd’s TSB, replacing its existing $90mn Letter of Credit

We document the latest developments in the regulatory investigations into broker remuneration practices, sparked by the New York attorney general’s 14 October complaint against MMC

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.

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.

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 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.