News
Report says 80% of insurers could fall short of contract certainty targets
A survey of the largest insurance companies in the UK has claimed that only 20% have moved to primarily electronic document storage. The report's author, Skywire Software said this has left the vast majority in a precarious state of readiness for the new…
Lloyd's to replace existing £335m syndicate loans issue
Lloyd’s is to return to the debt markets with a benchmark issue of Tier 1 perpetual subordinated debt.
FSA launches regional roadshows for brokers
The Financial Services Authority is offering financial advisers, mortgage intermediaries and general insurance brokers in Birmingham and Liverpool free roadshows from 19 to 21 June.
Prosecution evidence: Reinsurance contracts
There are several reinsurance contracts arranged in February and March 2001 that feature in the case for the prosecution.
Prosecution evidence: Claims Reporting
There were various claims reporting systems in operation at Independent according to the CPS.
Aon outlines airline insurance and risk fears
Airline risk management survey has indicated environmental pollution is the risk that most organisations expect to purchase a policy for over the next three years, rising from sixth in the 2005/6 survey and reflecting the current focus on corporate…
Consolidator outlines float plan to grow
Cobra, the UK-based retail and wholesale insurance broking group, today announced its intention to seek admission to trading on AIM and to raise £10m by way of a placing of ordinary shares with institutional investors.
Lloyd's broker claims benchmarking first
Lloyd's broker Oxygen Insurance and Advisen, a provider of technology and data to the global commercial insurance industry, have today launched a new initiative to provide on-demand program benchmarking to buyers of insurance in the UK.
Cullum buys stake in Smith & Pinching's Norwich business
Cullum Capital Ventures has announced an investment stake into the general insurance business of Norwich based broker Smith & Pinching. The business, with a GWP of £13m, has a household scheme portfolio as well as a book of commercial and personal lines…
Indie trial prosecution: Reinsurance contracts
In the final session of the day, the prosecution alleged that Independent’s actuaries Watson Wyatt and its auditors KPMG felt that the three reinsurance contracts that were disclosed at the beginning of March 2001 were “too good to be true”...For the…
Contracts "too good to be true"
In the final session of the day, the prosecution alleged that Independent’s actuaries Watson Wyatt and its auditors KPMG felt that the three reinsurance contracts that were disclosed at the beginning of March 2001 were “too good to be true”. Consequently…
Crown alleges £100m was cut from value of reinsurance contracts
The Crown continued its prosecution this afternoon, focusing on Independent’s reinsurance arrangements and various amendments to contracts which were allegedly made by Mr Bright and Mr Lomas but withheld from the board, writes David Worsfold . Mr Baillie…
£50m claim over construction delay dismissed
The High Court has dismissed a £50m claim for damages and interest made by MAPCL and another Mirant subsidiary, Sual Construction Corporation, against Ove Arup, over delays in the construction of the Sual Power Station in the Philippines.
Munich Re signs UN climate change declaration
Munich Re is a signatory to the joint declaration on climate change issued by the Geneva-based United Nations Environment Programme Finance Initiative (UNEP FI).
Ren Re announces formation of Starbound II
RenaissanceRe has announced the formation and funding of Starbound II, a new Bermuda reinsurance company, creating approximately $375m in new reinsurance capacity for the Florida homeowners market.
Indie prosecution: claims reserving
Prosecution counsel Andrew Baillie QC continued to set out the case against Michael Bright, Philip Condon and Dennis Lomas at Southwark Crown Court this morning. Providing a detailed breakdown of the alleged under-reserving and non-reporting of claims Mr…
Indie prosecution alleges under-reserving and non-reporting of claims
Prosecution counsel Andrew Baillie QC continued to set out the case against Michael Bright, Philip Condon and Dennis Lomas with a detailed breakdown of the alleged under-reserving and non-reporting of claims which, he said, could have amounted to as much…
Beazley launches events liability lines
Beazley has launched worldwide public liability and employers liability for the event industry.
Catlin boss takes reins at the LMA
Paul Jardine, chief executive of Catlin Underwriting Agencies, has been elected chairman of the Lloyd’s Market Association.
Zurich UK manager given new European role
Zurich has announced the appointment of Richard Elliott as head of its newly created European property investors business.
Premiums to be cut despite profit fall at NFU mutual
NFU Mutual said it will cut premiums by 10% under its mutual bonus scheme this year, despite profits on general insurance business falling by almost £100m. According to a statement from the insurer general insurance and life customers are set to benefit…
Reserve strengthening at Primary prompts step back from AM Best rating
A.M. Best affirmed the financial strength rating of B (Fair) and issuer credit rating of “bb+” of Primary Insurance Company Limited (Ireland) today, and the insurer has opted to withdraw from the interactive rating process.
Indie directors accused of withholding claims data
Three directors of the former Independent Insurance Company were today accused of dishonesty and misleading shareholders and fellow directors to improve the public perception of the company's finances, writes Mairi Macdonald .
ABC Insurance launches first commercial combined product
ABC Insurance, part of the LV Group, has commenced trading with the launch of a new commercial combined product. ABC’s business insurance policy will target the UK’s four million plus SME businesses and will be available exclusively via insurance brokers.