News
New accounting standards have increased transparency: report
More than a third of insurers believe International Financial Reporting Standards have improved transparency and comparability within financial reporting, but further work is required to fully embed the new accounting rules in to their business processes…
London borough adopts fire risk tool
The London Borough of Brent is using the National Risk Assessment Registry, to help manage fire risk in over 100 Brent properties including schools, training centres and other establishments.
Ceta adds Axa protection lines
Broker network Ceta has added life, critical illness and income protection insurance from AXA to its panel.
Backdating stock options could hit D&O, claims Aon
The increased regulatory focus on the practice of executives backdating their stock options could have a major impact on the D&O market, with ramifications not just confined to North America, according to Aon.
Lancashire gives UK firm update
Bermuda-listed Lancashire Holdings said today the UK Financial Services Authority has notified it that it is minded to grant authorisation to a new underwriting company, to be called Lancashire Insurance Co (UK).
Amalfi forms US claims unit
Specialist lines underwriting agency Amalfi has announced it has formed a claims administration operation, Amalfi Claims Management, in the US.
Corporate Manslaughter Bill heads for conclusion
The Home Office has officially announced the final version of the Corporate Manslaughter and Corporate Homicide Bill. The contraversial legislation has produced mixed reactions from unions and business groups. A statement from the Home Office issued…
CII elects new line up for 2006-7
The Chartered Insurance Institute elected its new line-up of officers for the 2006-2007 Institute year at the Annual General Meeting held in London on 19 July 2006. The elections take effect from the hand over of Presidential Office at the CII’s UK…
Jelf to sell AUA to Higos
Aim listed broker Jelf group has announced it will sell the existing book of business, including the database of supporting retail brokers, of underwriting agency AUA to Higos Insurance Services. The transaction is due to complete on 31 July 2006.
Kroll buys up counter-terrorism intelligence firm
Kroll, the global risk consulting company that is a subsidiary of Marsh & McLennan, has acquired Homeland Solutions, a privately-held intelligence management consulting and analytical training company recognized for its role in developing and deploying…
Liberty Syndicates acquires BI specialist SRM
Liberty Syndicates has acquired the insurance portfolio of the specialist insurance provider Strike Risks Management.
DWP announces mesothelioma compensation system
John Hutton today gave details of how the system for compensating sufferers of mesothelioma, the debilitating form of lung cancer caused by exposure to asbestos, would be improved and speeded up.
Arig posts first half 2006 profit
Arab Insurance Group (Arig) has announced net profits of $8.6m for the first half year 2006. This represents an increase of 34% over the net profit of $6.4m registered for the same period in the previous year (excluding $28.9m of profits from…
Reinsurance boss gets five year ban for helping inflate AIG earnings
A former senior manager at Dublin-based Cologne re has been 'prohibited' from performing in the UK any controlled function requiring regulatory approval.
FSA publishes latest newsletter for general insurance brokers
The Financial Services Authority (FSA) has published the latest newsletter for general insurance brokers which is available on its website at http://www.fsa.gov.uk/pubs/newsletters/gib_newsletter4.pdf
TUC urges greater obligations for directors
Welcoming the Corporate Manslaughter Bill introduced to Parliament today, Brendan Barber, TUC General Secretary, said:
Equity acquires a Somerset broker
Equity Insurance Group has acquired the general book of Somerset broker, Yeo Brokers.
CII to evolve its approach to corporate governance.
The Chartered Insurance Institute is considering a new approach to its corporate governmance in a bid to reflect best practice in the 21st Century, strengthen accountability and increase membership engagement.
RSA hunts new group underwriting and claims director
Royal and Sun Alliance Insurance this morning announced that David Paige, group risk director will be stepping down from the group board and leaving the Group at the end of the year.
Odyssey Re CFO resigns
Odyssey Re Holdings has announced that executive vice president and chief financial officer Robert Giammarco is resigning from the Company, effective August 15, 2006, to pursue other interests. R. Scott Donovan will be appointed as executive vice…
SCOR trumpets bond issue
SCOR has announced that its €350m deeply subordinated bond issue, as part of the financing of the Revios acquisition, has been a great success.
Heritage appoints former Rock deputy Jones as active underwriter
Lloyd's insurer Heritage has announced the appointment of Nick Jones as active underwriter of syndicate 1200 with immediate effect. Mr Jones takes over from Les Rock who retired earlier this year.
A lasting impression
Barbara Paskor and Jennifer Johnson, undergraduates from St John's University in New York, spent four weeks experiencing how the London insurance market operates, courtesy of the UK Market Charitable Trust. Andrew Foxwell asks what insights they gained…
Towergate moves users onto Sirius 21
Broking consolidator Towergate is moving its 800 users onto Sirius 21 to centralise its IT under a f...