News
Co-op and Axa enter RSA repair cost fray
Co-operative Insurance and Axa have followed Provident Insurance in disputing subrogated motor repair costs with RSA, Post has learnt.
PwC: Bribery Act latest “good news”
PwC has stressed the final guidance on the Bribery Act, released today, and acceptance of the need for a “proportionate and risk-based approach” to the issue, is good news for financial services companies.
ABI disappointed with FOS decision
The Association of British Insurers has said it is “disappointed” at the Financial Ombudsman Service’s decision to increase its levy on firms.
Arista turns profit following 2009 loss
Underwriting specialist Arista has turned a profit of £683 000 for 2010 after recovering from a 2009 loss of £942 000.
Insurers urged to “take stock” of Supreme Court immunity ruling
Law firm Beachcroft has warned the insurance industry review its policy cover for expert witnesses following a Supreme Court ruling abolishing their general immunity.
Vienna Insurance Group sells Russian interests
Vienna Insurance Group has sold its minority interests in Russian insurers MSK Life, SG MSK and So Vita.
Beazley revises MENA outlook to negative
Insurer Beazley has revised its outlook on the Middle East and North Africa to negative following the civil unrest in the region.
Swiss Re agrees alliance with Pro
Reinsurer Swiss Re has agreed a strategic alliance with Tawa-owned insurance business Pro.
Vienna Insurance Group sells Russian interests
Vienna Insurance Group has sold its minority interests in Russian insurers MSK Life, SG MSK and So Vita.
Beazley revises MENA outlook to negative
Insurer Beazley has revised its outlook on the Middle East and North Africa to negative following the civil unrest in the region.
Industry applauds government green light on legal cost reform - Insurance News Now - 31 March 2011
Post news editor Mairi MacDonald outlines this week's major general insurance stories including the industry's response to Ken Clarke's announcement that success fee recoverability in no win, no fee cases is to end.
Thatcham agrees risk rating deal with Thailand GIA
Motor insurance research centre Thatcham has signed a two year contract with the Thailand General Insurance Association to provide vehicle premium risk rating and alternative parts accreditation to the Thai market.
Co-op posts 48% profit boost
Co-operative Insurance has announced profits of £31.1m for 2010, up 48% on 2009.
Hiscox Japan losses could reach $150m
Hiscox has estimated exposure of up to $150m (£93.4m) for the earthquake and tsunami which struck Japan last month.
Lloyd’s profits dip after catastrophes
Insurance market Lloyd’s has posted profits of £2.2bn for 2010 – down more than £1.5bn on the sum for 2009.
Omega rating under review over exposure management concerns
AM Best has placed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Omega Specialty Insurance (Bermuda) and the ICR of “bbb” of Omega Insurance Holdings under review with negative implications.
Brit Insurance appoints new non-exec
Brit Insurance Holdings has nominated Hans–Peter Gerhardt as a non-executive director.
Brokers await Bribery Act guidance
The Ministry of Justice’s final guidance on what companies will need to do to comply with the Bribery Act, is set to be released tomorrow.
Horwich Farrelly backs “radical” Jackson reforms
Insurance litigation law firm Horwich Farrelly has backed the Ministry of Justice’s plans to implement the Jackson Review.
Mass “disappointed” with Jackson review implementation
The Motor Accident Solicitors Society has responded to the ministers statement on the government’s proposals for reform of Civil Litigation Funding and Costs in England & Wales.
Former Lloyds insurance boss to become Royal London CEO
Royal London,the mutual life and pensions company, today announced the appointment of Phil Loney as group chief executive.
ABI wants referral fee ban to be next on Government to do list
Today’s Government announcement on civil litigation reform will put the brake on runaway legal costs and mean a better deal for genuine claimants and insurance customers, according to the Association of British Insurers.
Ingosstrakh responds to PPF alleged fraud developments
Mikhail Volkov, deputy chairman of the board of directors at OJSC Ingosstrakh has responded in a statement to the ongoing PPF fraud case.
Court upholds arrest of accused PPF $15m fraudster
The Moscow City Court has upheld the arrest of Yekaterina Alabuzhina, accused of defrauding Мartin Schaffer, a representative of the PPF Group, of $15m, the court's press office told the Russian Agency for Legal and Court Information.