News
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.
Firefighters tackling north west chemical blaze
People have been warned to stay indoors after a massive fire broke out at a chemical works in Crewe.
ABC insurance launch targets SME market
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…
Clifford Chance launches part two of the MiFID Survival Guide
Clifford Chance has launched the second part of the MiFID Survival Guide, which is designed to help firms come into compliance with the new requirements introduced by the Markets in Financial Instruments Directive (MiFID).
SME market remains an untapped opportunity for directors and officers insurance
The vast majority of small to medium sized enterprises(SMEs) do not have Directors and Officers insurance (D&O) in place with almost 70% unaware that it actually exists, according to the findings of a recent survey.
Mayne takes distribution role at NIG
NIG has appointed Steve Mayne to the position of distribution implementation manager.
RSA sells legal and claims team
Parabis has completed an agreement with Royal & SunAlliance for the acquisition its Martello Underwriting claims and legal team. As a result Parabis Limited aims to launch an end-to-end professional indemnity claims management solution developed…
Airmic starts CEO search again
The Association of Insurance and Risk Managers will re-advertise for a chief executive, after its initial search proved unsuccessful. Airmic was meant to unveil its new management to members at its annual conference this week, but has been forced to…
Bollington acquisition boosts Groupama's broking business
Groupama UK has confirmed that it has completed the purchase of a majority shareholding in The Bollington Group for an undisclosed sum.
Indie trial news update
Users who have recently registered for e-mail breaking news from the trial of the three former directors of Independent Insurance may need to re-register due to a technical fault (well, human error). Go to www.theindietrial.co.uk . Apologies for any…
Morgan replaces retiring Thorpe at Aon Sheffield office
Aon in Sheffield has appointed Donald Morgan as client management director to take over from Eric Thorpe, who retires after 37 years.