News
IIB accuses politicians of ‘fudging’ FOS remit
The Institute of Insurance Brokers has responded to the review being conducted by Lord Hunt into the Financial Ombudsman Service on public ‘awareness and accessibility’.
Report: Towergate buys PPI specialist
Towergate has bought specialist PPI broker Britishinsurance.com according to reports. A source close to Britishinsurance.com confirmed the sale.
Lloyd's insurer in African swoop
Lloyd's insurer Kiln has announced the acquisition of a South African underwriting agency, adding to its international network of marine cargo specialist businesses.
Berkshire Hathaway acquires 3% stake in Swiss Re
Swiss Re announced today that Berkshire Hathaway has acquired a 3% stake in the company. Swiss Re has also entered into a reinsurance contract with Berkshire Hathaway. The capital released as a result of this reinsurance contract will be used to buy back…
FSA outlines new TCF push
The Financial Services Authority's enhanced strategy for small firms will kick off in Northern Ireland in March with the first of a rolling programme of assessments that will cover 11 300 retail intermediaries in the next three years.
Intermediaries face increased regulatory costs
Intermediaries are facing increased regulatory costs as the Financial Services Authority (FSA) kicks off its enhanced strategy for smaller firms.
DAS wins out in £2m tender
Ecclesiastical has reappointed DAS Legal Expenses to provide services for its commercial and personal legal expenses policies in the UK and Ireland. The deal also encompasses Methodist Insurance and Ansvar Insurance.
Sciemus appoints space expert
Risk modelling and analysis firm Sciemus has appointed space specialist Dr Sima Adhya as senior technical officer.
Bermuda publishes risk-based capital roadmap
The Bermuda Monetary Authority (BMA) has published its first ever business plan, outlining the phased introduction of risk-based capital requirements to replace the current solvency margin regime, to be known as the Bermuda Solvency Capital Requirement …
Insurance cover for Nursing and Residential Care Homes set for growth, says Aspen
Aspen Insurance UK, a subsidiary of Aspen Insurance Holding, has issued a detailed report on the state of Nursing and Residential Care Homes in the UK.
Aggregators hit back as Biba calls for tougher regulation
The aggregator market has hit back at calls for tougher regulation of the aggregator market amid speculation the Financial Services Authority is considering taking a greater interest in the sector.
Leading independent broker in MBO
The future success of one of Scotland’s largest independent insurance brokers, Central Insurance Services Ltd, has been secured following a management buy out supported by The Royal Bank of Scotland. The sum involved has not been disclosed.
FSCS default declarations allows consumers to claim up to £48,000
Consumers can claim compensation of up to £48,000 if they have lost money as a result of their dealings with any one of 33 firms that the Financial Services Compensation Scheme (FSCS) has recently declared in default. FSCS is the UK’s statutory…
Aon gets new CEO
Aon has appointed Robert Brown as CEO of its corporate division.
Lower commercial risks of UKAS accredited labs recognised
Lloyd’s brokers, Howden, as created a policy to recongise the lower commercial risks posed by laboratories that hold UKAS-accreditation. Teaming up with Hiscox insurers, Howden has produced a new LABsure policy, and said it is the first broker to offer a…
RBSI culls 100 managers
Royal Bank of Scotland Insurance has today confirmed that it has decided to cull 100 managers after a review of the business.
Ecclesiastical given ratings boost
Standard & Poor's said today that it revised the outlook on the long-term counterparty credit and insurer financial strengths ratings on Ecclesiastical Insurance and on its subsidiary Ansvar Insurance Limited to positive from stable.
Biba urges FSA action over aggregators
The British Insurance Brokers’ Association has today called on the Financial Services Authority to "urgently review" its insurance conduct of business rules for electronic introductions, following independent research into price comparison websites
Indie trial site archive
This special website, which was established to follow the recent trial of the three former directors of Independent Insurance will only be available to subscribers of Post Magazine from 24 January 2008 – to subscribe go to Post Online
Guy Carp and Lucida close €100m annuity transaction
Reinsurance broker Guy Carpenter has announced the completion of a multi-year annuity reinsurance transaction for Bank of Ireland Life, the life assurance arm of the Bank of Ireland Group.
Zurich launches climate change initiatives
Zurich has announced the launch of a global initiative focused on the development of products and services addressing the evolving risks associated with climate change.
Heritage rejects Ironshore as other bidders enter the fray
Ironshore has pulled out of the bidding for Lloyd's insurer Heritage.
Budget launches new cover
BGL subsidiary brand Budget Insurance has launched a new product to market, targeting the need for short-term motor insurance.
Cobra appoints two to board
Cobra Underwriting Agencies has today announced two new board members and othetr staff moves.