News
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.
Bahrain given clean bill of health in IMF Report
The International Monetary Fund (IMF) has published a positive financial sector assessment programme (‘FSAP’) review of the Kingdom of Bahrain.
Larry hits NE Australia
North east Australia has been hit by Tropical Cyclone Larry , which has caused widespread devastation.
AM Best puts Odyssey on negative review after 10-K delay
AM Best has placed the financial strength rating and the issuer credit and debt ratings of the operating subsidiaries of global reinsurer Odyssey Re under review with negative implications following the company's announcement that it will delay the…
NIG appointments signal completion of senior team
NIG has completed the line-up of its new look senior management team this week with two further appointements. Steve Kingshott, formerly Royal and SunAlliance’s Underwriting Director of Commercial Packages, joins as director of underwriting and pricing,…
Appointment at Claim Watch
ClaimWatch has appointed Gary Brench, formerly MMA Insurance's chief engineer, to support its work with the insurance industry. Mr Brench joined ClaimWatch on March 1st and is focussing on introducing more insurers and repair networks to the benefits of…
Aviva target confident of independence
Aviva target Prudential has issued a statement reiterating its desire to remain independent.