News
FSSC launches endorsement of T & C schemes consultation
The Financial Services Skills Council (FSSC) will launch a consultation to gauge the level of industry interest for an Endorsement of Training and Competence (T&C) Scheme.
FSA tells general insurance intermediaries no excuse for failing to protect client money
The Financial Services Authority (FSA) said that general insurance intermediaries holding client money have no excuse for failing to protect it adequately after recent work found that those who used its new Client Money Guide showed a marked improvement.
FSA – Latest developments on Payment Protection Insurance (PPI)
Stuart King, head of Retail Intelligence and Regulatory Themes at the Financial Services Authority (FSA), outlined in a recent speech the estimated size of the PPI market.
Chaucer profits grow seven-fold
Chaucer Holdings has impressed analysts with record pre-tax profits of £86m for 2006, almost seven times higher than for 2005.
Worst-ever hurricane season forecast from TSR for 2007
Climatologists at Tropical Storm Risk (TSR), have increased their forecast for Atlantic hurricane activity in 2007 to a level 75% above the historical average — its worst-ever prediction since forecasting began in 1984.
Brit poaches Markel man for contingency account
Brit Insurance has announced that Richard Gaunt has joined its contingency team.
Thatcham plans crash repair standards formula
Following closely after the launch of a Kitemark standard for crash repair, insurer funded research centre Thatcham, has announced its intention to formulate a standard for crash repair methods.
FSA sets outs reforms to funding of Compensation Scheme
The Financial Services Authority (FSA) today set out proposals to reform the funding of the Financial Services Compensation Scheme (FSCS).
Lancashire Dubai office gets licence
Class of 2005 Bermudian start-up (re)insurer Lancashire has announced that its subsidiary Lancashire Marketing Services (Middle East) Limited has received authorisation from the Dubai Financial Services Authority (DFSA) in the Dubai International…
Regulator proposes compensation scheme capacity of up to £4.4bn
The Financial Services Authority has set out proposals to reform the funding of the Financial Services Compensation Scheme.
A speech by the FSA on TCF - Progress and Next Steps
Speech by Sarah Wilson, Director Retail Firms Division, FSA Freshfields Bruckhaus Deringer: TCF Seminar 19 March, 2007
Willis re opens in Seattle with Guy Carp hire
Willis Re, has announced the opening of a new branch office in Seattle .
Quest Gates wins liability contract with security group
QuestGates has been appointed to handle liability claims for Reliance Security Group, with effect from renewal in April 2007.
Florida Cat Fund reform knocks almost 15% off Citizens’ high-risk rates
Florida’s stat-owned insurer of last resort Citizens Insurance has filed the rate decreases it is to pass on to its almost 1.2 million policyholders as result of the reform of the Florida Hurricane Catastrophe Fund.
Highway’s Commercial Vehicle product gets a revamp
Following consultations with its brokers, motor insurer Highway has upgraded the cover under its commercial vehicle policy.
MMA boosts small contractors liability offering
Intermediary-only insurer MMA Insurance (MMA) has launched a series of enhancements to Master Tradesman Plus product.
PYV sues four ex-employees and rival CRS
PYV Limited, part of the PYV Group of Companies, has issued High Court proceedings against a number of former employees and their new employer CRS Group PLC (formerly Cameron Richard and Smith Insurance Services Limited) (“CRS”).
Aon to market Inter Resolve claims management products
InterResolve and Aon have announced a partnership to provide UK corporate businesses with a fixed costs resolution service for employers’ liability, public liability and fleet motor claims.
Beaton, Foreman & Bonnar float $222m Ark at Lloyd’s
Ark, a new Lloyd’s syndicate and managing agency, has been launched with capacity of £114m ($222m) for the 2007 year of account.
Chaucer eyes £800m capacity at next cycle peak
Lloyd's insurer Chaucer has reported record results for the 2006 calendar year, with gross written premiums up 22.7% to £594.0m and profit before tax rising from approximately £12m in 2005 to £86m.
Cobra appoints three brokers
Cobra London Markets has appointed three specialist brokers to strengthen is UK Commercial (Property and Liability) and Motor Fleet teams.
Preston Whiteside directors jailed
Two insurance brokers were sentenced today after defrauding hundreds of small businesses, predominantly in Northern Ireland, out of insurance premiums and after having created a multi-million pound uninsured risk vacuum. Paul Newton and Mathew Walker,…
Morgans group expands its overseas property sector
Morgans General Insurance Services, part of the Morgans Group, has entered into a joint venture agreement with financial services provider Baydonhill, to take over its overseas property insurance arm.
Rainbow earmarks £2m for investment programme
A major investment in staff and resources has been announced by disaster restoration specialists Rainbow International.