Lloyd’s has received final approval from the High Court to transfer policies covering risks and policyholders in the European Economic Area to its Belgian subsidiary, Lloyd’s Europe.
Insurance companies must ensure they are “purpose-led” in order to restore the sector’s reputation, Blueprint for Better Business CEO Chris Wookey told members of the Worshipful Company of Insurers last week.
Lloyd’s is set to learn whether or not the High Court will approve a Brexit-necessitated transfer of European policies to its Belgian subsidiary next week, following the conclusion of a two-day sanctions hearing on Thursday.
Lloyd’s could face a “lose-lose scenario” of having to choose between not paying claims or risking regulatory or criminal sanctions, if a proposed transfer of European policies to its Brussels subsidiary is not approved today.
The Supreme Court heard arguments from lawyers representing QBE, Argenta and MS Amlin on Monday as insurers began their appeal of the September judgment handed down in the Financial Conduct Authority’s business interruption test case.
Sompo’s decision, announced in April, to walk away from Lloyd’s at the end of this year was driven by the insurer’s ambitions rather than reservations about the Lloyd’s market itself, Sompo international insurance CEO Julian James has said.
Covéa and its CEO and chairman Thierry Derez have been fined €20.1m (£17.9m) by a Paris court for a breach of legal and fiduciary duties and obligations on the part of Derez in his role as a director of Scor.
Structural defects warranty insurance provider MD Insurance Services has been ordered to pay £11,700 to an employee suffering with depression who, an employment tribunal ruled, had been treated unfavourably by the company.
Zurich and Scor face an $18m (£13.7m) legal claim from consumer credit reporting company Experian, relating to a layer of excess of loss cover underwritten by the two insurers that was in place between 2015 and 2016.
Lloyd’s has revised its intention to build two electronic placement platforms as part of its programme to modernise and cut costs in the market.
Insurers have been accused of “banking government money to reduce their loss by increasing the policyholder loss” as they faced criticism for deducting furlough payments from the value of business interruption claims.
Brendan Cox, who co-founded Survivors Against Terror following the murder of his wife Jo Cox MP in 2016, recently appeared at the International Forum of Terrorism Risk Insurance Pools conference to discuss the systems through which victims of terror are…
Some businesses with policies that employ a Marsh wording can expect interim payments “imminently” following RSA’s decision not to appeal a High Court judgment, which found it provided cover for disruption caused by the coronavirus pandemic.
In September, the Financial Conduct Authority published its long-awaited final report on pricing practices in the home and motor insurance markets, putting forward a package of measures that its interim CEO described as “probably the most radical shake…
The financial performance of the world’s three largest broking firms held steady in the third quarter of 2020 leading executives to hail strong results achieved in spite of the pressures of the Covid-19 pandemic.
Third party liability claims arising from August’s Stonehaven train crash in Scotland will fall to either Travelers or QBE, broker letters reveal.
Possible changes to the prudential regulations governing UK insurers could be limited by a desire not to stray too far from the EU’s Solvency II regime, a partner at Mazars has told Post.
Mactavish has appointed Heidi Carslaw, formerly CEO of broker Aston Scott, as managing director.
Other insurers unlikely to intervene after RSA declines to appeal 'outlier' Marsh BI wording, say lawyers
RSA’s decision not to appeal the High Court’s rulings with regards to a widely-used Marsh wording is unlikely to result in another insurer launching an appeal of its own, with would-be interveners facing significant hurdles according to lawyers.
The administrators of bankrupt Danish insurer Alpha are embroiled in a legal battle with UK-based J&M Insurance Services over £3.9m in premiums collected by the UK firm in the months leading up to unrated carrier’s collapse in May 2018.
As a result of the coronavirus pandemic, the shipping industry finds itself amid the sharpest decline in trade in 35 years, according to Clarksons Research. The intelligence provider estimates that seaborne trade fell by 10.6% year-on-year in May and…
The remote working trend ushered in by the coronavirus pandemic is here to stay, but is now without its downsides, attendees at Post’s Future of Insurance Work event heard on Wednesday.
Panellists speaking at an industry forum on Wednesday cautioned that insurance pools set up to provide cover for terrorism risks may not be the best templates on which to build pools that deal with pandemic risk.