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  • Mandatory disclosure of commissions for brokers has been highlighted as a possible solution to the issue of transparency, the Financial Services Authority (FSA) has revealed in its latest discussion paper on insurance intermediaries.
  • French insurance giant AXA’s UK subsidiary has taken formal control of broker SBJ Group after getting the green light from shareholders and UK regulator the Financial Services Authority.
  • The acquisitions of Revios and Converium have pushed French reinsurer SCOR’s 2007 profits up 62 percent to a record EUR407mn, the company reported today (19 March).
  • Chubb insures the primary layer of the Marsh-placed $75mn directors’ and officers’ (D&O) programme for beleaguered investment bank Bear Stearns, The Insurance Insider can reveal.
  • Newly-redomiciled Lloyd’s (re)insurer Hardy Underwriting Bermuda Ltd reported record 2007 pre-tax profits of ÂŁ18.3mn.
  • Benfield Group CEO Grahame Chilton said he remains confident that the reinsurance market will turn even as the enervating effects of the weak US dollar took its toll on the firm’s 2007 results.
  • US giant American International Group (AIG) is urging regulators to change accounting rules on asset valuations to staunch the flow of writedowns from banks and (re)insurers.
  • Despite a heavier burden from natural catastrophes, Hannover Re saw operating profits rise 14 percent to EUR940mn, boosted by strong performance in its life and health division.
  • The current plight of some municipal bonds is just the "tip of the iceberg" and will continue to rise, according to Berkshire Hathaway’s reinsurance chief Ajit Jain.
  • Heritage Underwriting Agency has returned strong profits for 2007 resulting from a second benign catastrophe year as well as diversification.