News
FSA publishes radical proposals for move to principles-based regulation
The Financial Services Authority (FSA) has published its proposals for a radical simplification of the rules that firms must follow in carrying out investment business with customers.
Solid 3Q for Axis
Bermudian (re)insurer Axis Capital has reported net income $226.2m, for the quarter ended September 30, 2006, compared with a net loss of $468.1 m for the same quarter in 2005.
Claims People moves to City office
Claims facilities provider, The Claims People Group, is moving its London base from Southwark into new space in Lloyd’s Avenue in the City.
JLT merger leads to management restructure
Jardine Lloyd Thompson Risk Solutions has merged with Lloyd’s broker Agnew Higgins Pickering to form a new combined business, Jardine Lloyd Thompson Limited.
Brokers capable of personal lines resurgence: report
Insurance brokers could be set for a resurgence but they will have to adopt modern marketing techniques to do so, claims Defaqto in its latest report published today, “Motor Insurance in the UK”.
Broker gets almost five years for fraud
The boss of an insurance broker at the centre of an £11m insurance fraud was jailed for almost five years yesterday.
Heath Lambert attracts Aon duo
Heath Lambert's Real Estate team has been bolstered with two new arrivals from rival broker Aon.
Sturge Taylor makes play for Marsh UK yacht business
Sturge Taylor and Associates has signed a letter of Indication of Interest with Marsh, with regards to the potential purchase of Marsh’s UK Yacht business. Terms are not disclosed.
Devlin appointed to UK compensation scheme board
Ron Devlin OBE, head of claims division at the Financial Services Compensation Scheme, has been appointed to the board of FSCS as an executive director, it was announced today.
TCF having no impact on consumer understanding: report
A research paper claims to have thrown into doubt the success of the regulator's Treating Customers Fairly initiative. Docucorp has conducted research with a number of insurers and brokers in the UK, which it said proves customers' understanding of…
Max Re CEO quits as old finite wounds reopened
Bermudian reinsurer Max Re's founder, CEO and Chairman, Bob Cooney has resigned as the company reopened an internal investigation into accounting for finite risk retro contracts and advised markets that it would have to restate results a second time…
Catlin offers 121p per share in Wellington bid
The Boards of Catlin and Wellington have announced the terms of a recommended offer to be made by Catlin for the whole of the issued and to be issued share capital of Wellington.
Liberty opens office in DIFC
Liberty International Underwriters (LIU), a division of Liberty Mutual, has opened an office in the Dubai International Financial Centre (DIFC).
PwC appoints new global head of insurance
PricewaterhouseCoopers has appointed Ian Dilks as the new global head of its insurance group.
Equity expands in Sussex
Equity Insurance Group has acquired Worthing broker Dunglison & Co.
Willis confirms 400 job cuts
Willis has confirmed it will be making redundant around 400 employees, primarily in the UK in both its retail and London Market operations.
Fleet driver ignorance causes breakdown increase
Fleet drivers are risking breakdowns through ignorance about modern cars and lack of basic maintenance, according to RAC research.
Post journalist scoops top award
Lynn Rouse, deputy editor of Post, has won the coveted general insurance trade journalist of the year award. Ms Rouse was presented with the prize at last night's Association of British Insurers' financial media awards ceremony.
Illium expands southeast operation
Illium Managing Agency is expanding its service company operations into the South of the UK. The Lloyd’s liability and commercial motor specialist has appointed a new regional underwriter, Chris Ashmead, who will be based at the group’s existing office…
FSA fines Loans.co.uk for TCF failure
The Financial Services Authority (FSA) has fined Loans.co.uk Limited (LCUK) £455,000 for failing to treat its customers fairly when selling Payment Protection Insurance - the highest yet for PPI.
Homeserve acquires Digital Insurance Services
Homeserve has acquired Digital Insurance Services for £3m.
Quiddington quits Lloyd's
Steve Quiddington, director of operations at Lloyd's has left the corporation. Mr Quiddington originally joined Lloyd's in 2000 and a was a former director of strategy for National Westminster Bank.
Only four of world's top 300 mutuals hail from UK
Four of the UK's leading mutual insurers are named as among the world's top 300 cooperative and mutual organisations in a new global ranking of the major cooperative and mutually-owned businesses.
Endurance reports record 3Q, retains much less
Bermudian (re)insurer Endurance Specialty Holdings has reported net income of $128m for the third quarter of 2006 versus a net loss of $377m in the same quarter in 2005.