News
Brokers brand FSA proposals as unfair
The British Insurance Brokers’ Association has roundly criticised the Financial Services Authority’s consultation paper proposing amendments to its Insurance Conduct of Business rules.
Management reshuffle at Ace Europe
Ace European Group has today announced some changes to its Continental European country management with immediate effect.
Moneysupermarket float plans announced
Moneysupermarket.com has officially annonced its intention to float on the London Stock Exchange.
Benfield and Aon Re clash again for $2.4m
Reinsurance broker Benfield has filed for $2.4m in damages against rival broker Aon Re over what it claims is unpaid brokerage relating to proportional reinsurance treaties for the St Paul that Aon Re took over from Benfield.
FSA reform rules on general insurance
The Financial Services Authority is proposing to "radically reform" the rules firms need to follow in carrying out general insurance business with their customers. The regulator has put its plans out to consultation and said a differentiated approach to…
Brit hands brokers £50m authority for share buyback
Brit Insurance has granted its bankers the right to purchase up to £50m worth of shares over the summer, while the insurer is in its closed period. Citigroup Global Market U.K. Equity and Numis Securities will buy up ordinary shares of Brit Insurance…
US insurance lawyer in aggressive NY & London move
Nelson Levine de Luca & Horst, a US law firm serving the insurance industry, has acquired the New York office of Querrey & Harrow, expanding its existing New York presence and its London market practice.
30 jobs transferred as RSA outsources subsidence claims
Royal & SunAlliance has outsourced claims handling for subsidence to InFront Innovation and Crawfords.
Suspected London bomb closes Reinsurance Magazine offices
A suspected car bomb was discovered in the small hours of this morning in the street where Reinsurance Magazine's offices are located, in the heart of London's theatre district.
CSC signs Swiss Re contract until 2014
Computer Sciences Corporation has signed a seven-year contract extension with Swiss Re for business process outsourcing services to support workers’ compensation for Swiss Re’s Commercial Insurance.
Haymarket bomb scare
A police cordon has been put in place after a controlled explosion was carried out over night on Haymarket in central London. The situation has forced Incisive Media, Post Magazine's publisher, to close its head office for the day until further notice.
FSA sets out future of GI regulation
The Financial Services Authority (FSA) has published a consultation paper proposing to radically reform the rules firms need to follow in carrying out general insurance business with their customers.
Audit delay was justified says defence
The defendants only “requested” the postponement of Independent’s final audit and didn’t “order” the delay as suggested by the prosecution yesterday, writes Martin Friel .
Choicequote outsources claims to Destiny Legal
Legal outsourcing specialist, Destiny Legal Services, has been appointed as the sole claims handling service provider for niche motor insurance specialist, Choicequote.
UK flood claim estimates put at £500m
Initial estimates by Risk Management Solutions suggest that insured losses from this week’s floods could exceed £500m.
Aspen founders to cash out for $225m
Bermudian (re)insurer Aspen has announced that two of its founding shareholders, The Blackstone Group and DLJ Merchant Banking Partners are to float their stakes in the company in an underwritten public offering.
Scottish Re sells Middle East business to Arig
Life reinsurer Scottish Re Group life has announced the sale of its Middle East Life portfolio to Arab Insurance Group (Arig).
Willis acquires online SME broker
Willis has announced the acquisition of Chicago-based InsuranceNoodle, an internet distributor of US small business insurance. Terms of the transaction were not disclosed.
Gordon Brown unveils his cabinet
Gordon Brown has unveiled his cabinet today with Alistair Darling appointed chancellor and Peter Hain as Minister for Department for Work and Pensions.
Arc Legal wins Quoteline business
Arc Legal Assistance has been appointed by Quoteline Direct to provide landlord legal expenses and rental guarantee cover, for the broker's buy-to-let business.
Swiss Re launches Cat bond indices
Swiss Re has launched a series of Cat Bond performance indices to track the price return and the total rate of return for US dollar-denominated cat bonds, with a view to making them tradable.
Paris Re sets date for IPO
Paris Re, Axa’s former reinsurance arm bought from the French group by a consortium of investors led by Stone Point Capital in 2005, has announced it will float on the Paris stock exchange on 13th July.
Ace Europe gets FSA approval to set up new company
Ace Europe has gained Financial Services Authority approval for the establishment of a new London based life insurance company, Ace Europe Life. Conducting business under the brand name Ace Life, it will operate in conjunction with the existing network…
Government reports drop in roads accident deaths
The Department of Transport has today reported that the number of people killed in road accidents in 2006 fell, by 1 per cent from 3 201 in 2005 to 3 172 in 2006. 31 845 people were killed or seriously injured in 2006, 1 per cent fewer than in 2005…