News
FSA challenge: Lloyd's responds
Lloyd's chief executive Nick Prettejohn, speaking in response to John Tiner's challenge to the industry to address the issue of contract certainty said: "Improved contract certainty including fully agreed policy wordings is critical to the health of the…
Tiner: full speech
John Tiner, chief executive of the Financial Services Authority last night put pressure on the insurance industry to get together and resolve issues over contract certainty. The full speech follows:
FSA gives industry two years to sort out contract certainty
John Tiner, Financial Services Authority chief executive, last night called for the insurance industry to change its handling of commercial insurance contracts. Speaking in New York he told his audience that the FSA wants to see the end of the practice…
Outsourcer reveals India expansion plans
Outsourcer Capco has opened a new service delivery centre in Bangalore.
New report pours scorn on compensation culture myth
A new report calls into question the notion that the UK has become an increasingly litigious nation, as general claim figures remain more or less static. The perception that this is the case, however, continues to have serious ramifications for the…
Towergate purchases surgery portfolio from PMI provider G&M
Medical Insurance Agency (MIA General Insurance), part of the Towergate Underwriting Group, has announced the purchase of the surgery insurance portfolio from private medical provider, General & Medical.
Quanta Capital sets up new Lloyd's syndicate
Quanta Capital Holdings has announced that it has expanded its European business by establishing a new specialty lines syndicate at Lloyd's as part of its specialist insurance, reinsurance, risk assessment and risk consulting group.
Loss adjuster Crawford gets Spitzer call
Crawford & Company has been subpoened by New York attorney general Eliot Spitzer in connection with his investigations into accusations of broker and insurer collusion over insurance constracts.
Benfield announces transparency move
Benfield has announced that as of January 1, 2005, all US property & casualty treaty cover notes will fully disclose Benfield's compensation.
Allianz Cornhill calls on government to manage fire risk
Allianz Cornhill’s commercial general manager, Chris Hanks, has called on the government to help businesses manage the risk of fire.
AM Best rates FBARC
AM Best has announced that it has assigned a financial strength rating of A+ (Superior) to First British American Reinsurance Company (FBARC). The rating outlook is stable.
Apil reiterates stance on claims middlemen
Calls from Citizens Advice to regulate claims farmers have been fully supported by the Association of Personal Injury Lawyers.
IPRS and Aon tackle credit insurance fraud with rehab
Rehabilitation specialist, IPRS, and Aon Warranty Group are aiming to cut down on fraud with the use of clinical assessments on Aon’s credit insurance claimants.
Zurich manager given second term
The Institute of Risk Management has confirmed Zurich's Ian McNeil as its chairman for a second year.
Novae rolls out new 24 hour system to brokers
Liability insurer, Novae Underwriting has piloted a system which issues policy documentation to brokers within 24 hours. It claims Risk Write will help brokers to prevent a common cause of Errors & Omissions claims – the lack of policy wordings and proof…
New speciality lines syndicate joins Lloyd’s
Quanta Capital Holdings is expanding its European business by establishing a new Specialty Lines Syndicate at Lloyd’s as part of its newly formed specialist insurance, reinsurance, risk assessment and risk consulting group.
Catlin hurricane hit rises to almost £40m
Catlin Group has updated its estimate of the potential financial impact of the four hurricanes that caused extensive damage in the Caribbean and USA earlier this year to $75m (£39.4m).
AM Best comments on Silverstein result
After a preliminary assessment of the impact of the recently announced verdict that the 9/11 attack on the World Trade Center was two insurable events, AM Best has said that it does not believe the decision will result in any rating changes for the nine…
Allianz Cornhill awarded CII accreditation
Allianz Cornhill’s personal lines division has been awarded the Chartered Insurance Institute’s Prior Learning Accreditation.
FSA makes plea to 4500 unregistered firms
The Financial Services Authority today named the 'hotspot' sectors of firms selling insurance who have yet to apply for authorisation and warned them to do it now or risk losing business before regulation comes into force on 14 January.
Claims director of ITIC retires
Julia Mavropoulos, claims director of International Transport Intermediaries Club, is retiring after almost 30 years in the business.
XL swoops for Markel MD
XL London Market has appointed Peter Bilsby as senior vice president of aviation.
ABI flies in outsider for GI role
The Association of British Insurers has appointed Nick Starling as director of general insurance.
CIS job cuts slammed
Amicus has expressed disappointment over the loss or transfer of another 500 jobs at the Co-operative Insurance Society.