News
The DTI's proceedings delayed yet again
The Department of Trade and Industry's proceedings against The Accident Group director Mark Langford...
Commercial insurance scheme hailed a success
A commercial insurance scheme for corporate clients of Leicester City Football Club is being hailed ...
The claimant's view
Disproportionate costs are a compensation-culture-style myth, says Tom Jones
Questgates relocates to new head office in central Birmingham
Loss adjuster Questgates has relocated to a new head office on The Wharf, the modern canal side deve...
Budget: insurance industry response
Gordon Brown, Chancellor of the Exchequer plans to hold further consultations on insurance taxation for the UK, it was revealed today, although he did not introduce any measures directly related to the general insurance industry in today's Budget.
Budget: London Market joins government in selling London to the world
Key stakeholders in London’s financial sector are joining forces with the government to promote London as the world’s leading international financial centre.
Regulators target PPI in crackdown
The Financial Services Authority and the Office of Fair Trading are to produce an action plan, published by the end of April, setting out how they believe they can deliver benefits to consumers and firms by:
Fairfax: SEC fallout “could be material and adverse”
Fairfax Financial holdings, parent company of Odyssey Re, has issued an update on the situation regarding SEC and the US Attorney of the Southern District of New York’s investigations of group companies.
Hiscox launch accreditation scheme for design consultancies
The Chartered Society of Designers launched the Design Association in partnership with insurer Hiscox at an event yesterday evening.
MVRA in health and safety drive
Vehicle repair trade body MVRA has appointed Richard Lawrence as its health and safety advisor for the South East area. Richard joined MVRA on February 27th. His appointment is part of MVRA’s ongoing development strategy for its health and safety…
Scor recovery continues
French reinsurer Scor has continued its return to financial good health by posting a €131m profit for 2005, up 75% on the €75m it made over 2004.
Budget: VCT tax break cut to 30%
The Chancellor of the Exchequer has cut the tax break on venture capital trusts to 30% from 40%, and doubled the number of people eligible.
Intermediary body disappointed with FSCS time table
The Association of Independent Financial Advisers has said it is disappointed that the Financial Services Authority's proposals for a new compensation scheme will not be implemented until the 07/08 fee year.
ABI to feed into FSA compensation work
The Association of British Insurers has thrown its hat in the ring to seek constructive dialogue with the Financial Services Authority over the reform of the compensation scheme.
FSCS concerns lead to FSA action
The Financial Services Authority today outlined four possible options for the future funding of the Financial Services Compensation Scheme, following concerns raised about the fairness, proportionality and sustainability of the present funding…
Montpelier Re CUO retires, immediately replaced
Bermudian reinsurer Montpelier Re has announced that its chief underwriting officer (CUO), C. Russell Fletcher III, is retiring from the company with immediate effect. Fletcher was a founding member of the class of 2001 monoline Cat specialist and is a…
Aviva/Pru merger could lead to rating upgrade
Fitch Ratings has today said that any merger between Aviva and Prudential could result in changes to their ratings. This follows from Aviva's announcement of its proposal to acquire Prudential for £17bn. Aviva's all-share proposal has been rejected by…
Lancashire reports $947m in shareholders' equity at 31/12
In a financial statement for the 2005 calendar year Bermudian start-up (re)insurer Lancashire has reported shareholders' funds of $947m at year end.
Accounting firms merge
Accounting and consultantcy firms Moore Stephens and Macnair Mason are to merge on 1 May 2006, in a move that will significantly strengthen their position in the international insurance and reinsurance industries.
Wellington reports £26m loss
Wellington Underwriting has produced a pre-tax loss for the last financial year, after massive hurricane losses put its business into the red. In a statement this morning, the group's chief executive, Preben Prebensen, said:
AWAC to raise $400m in New York IPO
Ending months of rumours, Bermudian specialty (re)insurer Allied World Assurance Holdings (AWAC) has confirmed it is to list $400m of shares on the New York Stock Exchange.
FSA lets industry off the hook on contract certainty regulation
The Financial Services Authority will not increase its regulatory powers over the insurance industry by implementing rules governing contract certainty. In a speech given by the regulator's chief executive, John Tiner, today the FSA said the plans were…
Hedge funds walking liability tightrope
Hedge fund managers appear to be in a state of denial regarding their liability to the fund for losses arising from trading errors warned Reynolds Porter Chamberlain at its Annual Directors' & Officers' insurance seminar.
Zurich takeover talks denied
St Paul Travelers has rebuffed suggestion it is in takeover talks with Zurich.