Lloyd’s pursues own probe into Equity syndicate losses – Insurance News Now
Post senior reporter Amy Ellis outlines this week's major general insurance stories including Lloyd’s decision to begin investigating Equity syndicate’s reserve deterioration. A Names protest group says the outcome should prove influential to its own campaign over Equity’s losses.
The Lloyd's investigation is in addition to an inquiry started by the FSA last year.
In other news, firms have been urged to continue working towards the original 2013 implementation deadline for Solvency II, despite the European Parliament announcement that the regime should be delayed until 2014; RSA's UK chief executive Adrian Brown has called for action against hefty lawyers' fees - citing them as the root cause of referral fee problems; a former loss adjuster who left the industry when his firm went bust to set up Europe's first gay-only deal website is intent on teaming up with insurers. Following early success in offering budget deals to the gay community, director Chris Jones said he is keen to add insurance products to the expanding portfolio; and the Credit Hire Organisation has already identified potential candidates to fill the void left by departing director general Tony Baker, who steps down at the end of the year. An appointment for the CHO hot seat is expected to be made before the association's AGM on the seventeenth of November.
Keep up to date with all the latest insurance news as it breaks at postonline.co.uk.
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