News
New FSA travel insurance regime will protect consumers says regulator
The Financial Services Authority (FSA) has published a Consultation Paper setting out its detailed plans for regulating travel insurance sold alongside a holiday – known as Connected Travel Insurance (CTI) – which is mainly sold by travel firms and…
FSA publish new ICOB sourcebook
The Financial Services Authority (FSA) today published its new Insurance Conduct of Business sourcebook (ICOBS) which sets out the standards and requirements for general insurance firms on how they deal with their customers.
Former Lloyd's boss joins broker board
Lloyd's broker RFIB Group has confirmed that Christine Dandridge will join the boards of RFIB Holdings and RFIB Group Ltd as a non- executive director on 1st January 2008, subject to regulatory approval.
FSCS hands back £40m
General insurance companies are to benefit from a £40m pound levy refund from the Financial Services Compensation Scheme in the New Year.
Biba welcomes Governent moves on terrorism exclusions in travel insurance
The British Insurance Brokers' Association has welcomed the news that the Treasury has acknowledged the need to ensure that consumers are aware whether or not terrorism cover is included in their travel policy.
Allied World buys out AIG stake for $563m
Allied World Assurance Company has announced that it has bought back founding investor AIG’s remaining 19.6% stake in the company.
Integro relocates London base in growth drive
Integro Insurance Brokers has relocated its London office to 100 Leadenhall Street, EC3 from 81 Gracechurch Street.
RMS disappointed by lack of river focus in Pitt review
Responding to today's interim report of the Pitt Review on flood risk, Dr Claire Souch, director of model management at Risk Management Solutions, said: "While it is encouraging that the report recognises the need to address surface water flood risk,…
AIG enters new UK market
AIG UK has entered into the car rental insurance market in the form of a tie-up with insurance4carhire.com. AIG UK will provide excess reimbursement cover on collision damage waiver and theft.
Pitt challenges government says ABI
Commenting on the publication today of Sir Michael Pitt’s interim report on the lessons learnt from this summer’s floods, Stephen Haddrill, director general of the Association of British Insurers, said: “Sir Michael Pitt has confirmed that radical action…
NU slammed over £3.3m fraud failing
The Financial Services Authority has fined Norwich Union £1.26m for not having effective systems and controls in place to protect customers' confidential information and manage its financial crime risks. These failings resulted in a number of actual and…
US firm swoops for majority shareholding of Lloyd's insurer
Marketform Group, the non-US medical malpractice specialist, today announced that American Financial Group Inc is to become the majority shareholder in its business, securing the company as a key international specialist insurer.
FSA in broker banning action first
The Financial Services Authority has today banned David Holland, sole director of Flett Sinclair Insurance Brokers Limited and Petsure Limited, for misusing customers' assets. This is the first time the FSA has taken action against a pet insurance…
FSA bans pet insurance broker in enforcement first
The Financial Services Authority (FSA) has banned David Holland, sole director of Flett Sinclair Insurance Brokers (FSIB) and Petsure, for misusing customers' assets, the first time the FSA has taken action against a pet insurance intermediary.
Biba responds to flooding review
The British Insurance Brokers’ Association’s chief executive Eric Galbraith has responded the Sir Michael Pitt’s review into the flooding this summer by publishing the organisation’s own submission on areas it believes should be addressed.
Fifteen 'urgent recommendations' outlined in Pitt flood report
The $6bn 2007 summer floods in the UK were a “wake-up call” for the country, according the interim report of the independent review commissioned by the UK Government to learn lessons from the events.
APC adds new residential let product to QuoteMac
Commercial insurance underwriting agency APC Underwriting is launching a new residential let product on its market leading broker on-line trading platform QuoteMac before christmas.
Pitt outlines
The summer floods were a “wake-up call” for the country, according the interim report of the independent review commissioned by the Government to learn lessons from the events.
AM Best positive on Kiln after approach
Following the cash offer for the shares of Lloyd’s (re)insurer Kiln by Tokio Marine, rating agency AM Best has placed the bbb+ issuer credit ratings of Kiln Ltd and Kiln UK under review with positive implications.
Arista open Manchester base with Chubb hire
Arista Insurance is planning expansion into the north of England in 2008 starting with the opening of an office in Manchester this month. The office will be lead by recently-appointed regional manager Paul Dooley, who joins from Chubb.
Ace buys broker business for $2.4bn
Ace has agreed to acquire Combined Insurance for $2.4 bn and Munich Re Group to purchase Sterling Life Insurance for $352m.
Swinton acquires commercial broker
Swinton has bought Preston-based And Insure which has a £8m commercial premium income book.
Former Insure & Go head banned by FSA
The Financial Services Authority has banned James Richardson, former Chief Executive Officer of Insure & Go, for attempting to mislead the FSA and for not being candid in his dealings with the firm's former auditors.
FSA bans four over Sphere Drake binder case
UK regulator, the Financial Services Authority (FSA) has announced that it has prohibited John Hubert Whitcombe, Jeffrey Ronald Butler, Nicholas Brown and Christopher Reginald Colin Henton for their dishonest involvement in reinsurance business that…