News
Post in print - 15 April
Post reporter Amy Ellis provides a quick overview of this week's major stories including: offshore insurers deny Quinn claim; Brittain steps down at Finsure:Aviva flood move and Carole Nash hit by legal bill.
Rowell suspends Lloyd's start-up plans
Former Beazley boss Johnny Rowell has postponed plans to re-enter the market with a Lloyd’s syndicate start-up.
FTSE 100 reaches highest level since 2008
On Wednesday afternoon the FTSE 100 broke 5800 for the first time since 2008, fueling speculation that the UK is seeing a sustained upturn in its economy.
Securities lawsuit filings drop and dismissals surge - Advisen
New credit crisis suits plunge, but financial firms still are in plaintiff attorneys’ crosshairs according to a report by Advisen.
Guy Carpenter announces new executive appointments
Chris McKeown to lead Guy Carpenter’s North America operations and Andrew Marcell relocating to London to assume global role
Ace Tempest Re appoints head of international
Steve Roberts has been promoted to managing director of Ace Tempest Re International, which includes operations in London, Zurich, Sao Paulo and Shanghai.
AIG: Bernstein erred in reserve-shortfall estimate
AIG told US regulator that Sanford C. Bernstein’s review of its claims-paying resources relied on faulty analysis.
Quake kills up to 400 in China’s Qinghai province
Thousands are feared injured after a magnitude-6.9 quake hit western China's Qinghai province.
Elite launches new insurance products
Elite Insurance has launched three new insurance products, decennial, gap and accident, sickness and unemployment, in the hope of boosting its potential revenue streams by up to £20m over the next two to three years from £30m.
New partner for DWF’s insurance team
Julie Bowker is the latest new partner to be appointed to the existing 50 commercial insurance team in Manchester headed by Kieran Walshe.
Quinn staff plan to hold rally on Friday
Quinn employees are to hold a rally on 16 April at noon outside the regulators office at the Central Bank in Dublin.
Law firms welcome class action u-turn
The government has dropped controversial plans in the Financial Services Bill to allow class actions against financial institutions.
Quinn given hope over UK insurance return
The Financial Regulator has offered Quinn Group some hope that it may be allowed to reopen for insurance business in the UK, albeit in a limited capacity.
Offshore insurers deny cutting rates to win ex-Quinn business
Two unrated offshore insurers said to be among the key beneficiaries of Quinn¹s problems in the UK have hit back at suggestions they are underpricing risks to win commercial business previously underwritten by the Irish firm.
Allianz hires new household operations manager
Allianz has appointed Gary Coton as household operations manager responsible for handling all UK household claims.
Finsure MD steps down ahead of run-off
Royal Bank of Scotland’s Finsure Premium Finance has parted company with managing director Trevor Brittain ahead of its closure next year.
XL Capital next Bermuda acquisition target - analysts
Analysts predict that XL Capital will be the next reinsurance acquisition target emerging from the island.
RFIB adds two in "talent" push
Lloyd’s insurance and reinsurance broker RFIB has announced the appointments of Charles Vermont as a broker in its specialty division and Jeannette Smith as associate division director to its North American division.
Capita confirms Sureterm acquisition
Capita Group has bought specialised motor insurance broker, Sureterm Direct.
Libs to give mutuals dedicated minister and create local stock exchanges
In order to sustain jobs and promote growth, the Liberal Democrats today said it planned to set up an Infrastructure Bank to direct private finance to essential projects such as new rail services and green energy, building the environmentally sustainable…
Matthews named new FSSC chairman
Trevor Matthews has been appointed as chairman of the Financial Services Skills Council.Mr Matthews is chief executive of Friends Provident and immediate past president of the Chartered Insurance Institute.
20 years ago: Cross-border motor fund extension
The European Parliament has proposed that national motor insurance guarantee funds should be extended to cover situations in which the person responsible for an accident is known to disclose their insurer.
30 years ago: Computer lawsuit is delayed
Lawsuits between Lloyd's underwriters and South Western Bell Telephone Company in the US over computer leasing risks are unlikely to be tried until later this year.
50 years ago: Priest's son declined full motor cover
A clergyman of the Church of England has expressed distress that, having bought his 21-year-old son a sports car, it now appears that insurers are disinclined to grant cover in respect of passengers.