News
Biba backs FSA over inducement guidance
The British Insurance Brokers’ Association has congratulated the Financial Services Authority after it issued a guidance paper clarifying their approach to conflict management, and in particular the unfair inducements rule.
FSA statement on inducements in full
FSA statement in full below
Tiner: FSA hand book may be updated to cover inducement advice
The Financial Services Authority chief executive John Tiner today said the regulator believes that its rule book does not yet need updating with regard to rules on inducements and managing conflicts of interest which apply to insurers and intermediaries.
Willis in Scottish expansion
The Willis Network has signed up Ian MacDonald Insurance Services of Inverness.
Aon releases latest political risk map
Companies need to take a look at political as well as economic risks when they look at lucrative investment opportunities abroad, according to broker Aon.
Coversure wins compliance awards
Coversure Insurance Services has won the “Most Cost Effective Compliance Technology Provider” category at the inaugural Complinet Compliance Industry awards.
Moody’s reviewing RGA rating
Moody's Investors Service has placed Reinsurance Group of America’s (RGA) credit ratings (senior debt of Baa1), and its subsidiary, RGA Reinsurance Company's A1 insurance financial strength rating, on review with direction uncertain following MetLife's…
Everest Re reports lower 2004 Q4 earnings
Everest Re Group has reported fourth quarter 2004 after-tax operating income, which excludes realized capital gains and losses, of $94.7m, a 20.2% decrease compared to $118.6m in the fourth quarter of 2003.
NFU updates legacy IT systems
IT supplier Harlosh, has secured a contract with NFU Mutual. Harlosh will provide NFU Mutual with its InsuranceFaces solution, a technology platform which will consolidate NFU Mutual’s existing legacy systems into a single, flexible application across…
IPC Re warns on catastrophe losses impact
IPC Holdings has issued a warning on its fourth quarter 2004 results because of catastrophe losses, arising from the Florida hurricanes and Pacific typhoons. It has revised the aggregate net impact to be approximately $60 million, after taking into…
Metlife looks to buy Travelers Insurance and sell RGA
Citigroup has announced that it has signed a definitive agreement to sell Travelers Insurance Company and Travelers Life and Annuity Company, among otherlife insurance entities, to MetLife for $11.5 billion. Citigroup says the sale is the result of a…
Zurich London renamed Zurich Global Corporate UK
Zurich London will be renamed Zurich Global Corporate UK with effect from January 31 2005 according to Zurich Financial Services Group.
Insurers and the insured in bad shape over obesity
The problem of obesity continues to grow in the western world, especially in the US, and the costs are starting to mount
US Senate may move on asbestos bill
The new head of the Senate Judiciary Committee, Senator Arlen Specter, has announced that he intends...
Aon launches Latin American subsidiary
Aon Corporation has announced the formation of Aon Affinity Latin America. The organisation will be...
AIR issues white paper on preparing for multiple catastrophes
The 2004 hurricane season demonstrated the financially destructive potential of several moderate hur...
Glacier Re launched
Glacier Reinsurance, a Swiss start-up reinsurance company, has been launched, having successfully ra...
Wilton Re set up
Wilton Re US Holdings has announced that its Bermuda-based parent company, Wilton Re Holdings, has r...
PCS expands services
ISO's Property Claim Services (PCS) unit has expanded its services to include loss estimates for pot...
Benfield researches risk measurement
Benfield has produced a new research paper, 'Risk Measurement in Insurance', which aims to provide a...
Marsh settlement: full statement and apology
Marsh has issued the following statement following its agreement with the New York State Attorney General Eliot Spitzer.
Marsh settles with Spitzer for $850m
Marsh & McLennan (MMC) has agreed to pay $850m to settle New York Attorney General Eliot Spitzer's accusations that it rigged bids and took kickbacks from insurers.
Referee defends negligence claim for scrum injury
A rugby referee who was sued for allegedly failing to control the scrum properly in a rugby match, which resulted in a player being very seriously injured, has won his second defence in the Court of Appeal.
Walter takes CEO role at Insure-com
Insure-com, the general insurance intermediary software provider, today announced the appointment of chief executive, Phillip Walter.