News
Lloyd's aims to bring market together with enhanced Sydney office
Lloyd's has officially opened an office in Sydney designed to bring its market syndicates and participants together.
RSA looks to cut redundancy payouts amid restructuring
Long-term staff at RSA have been informed they could lose up to 50% of their redundancy pay under proposed changes to contracts.
Liquidators receive 5,000 claims against Independent Insurance
More than 5,000 claims have been made on the estate of collapsed Independent Insurance, administrators said.
UK P&I Club warns of ‘chaos’ in implementation of new cargo law
A new law that requires shippers to weigh each container before loading it on a ship could spark “chaos and commercial disputes” when it comes into force in two months’ time, the UK P&I Club has warned.
Ferma calls for risk management in implementing new EC directive
The European Commission should emphasise the importance of risk managers when it comes to issuing guidelines on how to implement the new Non-Financial Reporting Guidelines.
Stream UK to undergo rebrand under new management
Stream Claim Services UK will undergo a rebranding in the coming months, as the company plans expansion under new ownership.
Insured property damage from deadly Japanese earthquakes could total £2bn, says AIR Worldwide
Insured damage from last week's two Japanese earthquakes could cost insurers up to £2bn estimates catastrophe modeling firm AIR Worldwide.
Italian insurance sees stable outlook for 2016
Ratings agency Fitch Ratings has forecast a stable 2016 for non-life insurers in the Italian market.
Uninsurance, 'panic' key reasons why young drivers ‘hit and run’
While rates of uninsurance have halved since 2005, the Motor Insurers’ Bureau has raised concerns the level of ‘hit and run’ incidents has not fallen by a similar scale.
Little Chef saviour backs MBO for Independent Group
Distressed asset investor R Capital has backed a management-led buyout of Independent Group.
London riots decision overturned by Supreme Court
A key judgement following the London riots has been overturned by a Supreme Court ruling, with the Association of British Insurers saying the industry would be “disappointed” by the decision.
Brightside hires Markerstudy retail boss Russell Bence
Brightside Group has appointed Russell Bence as its managing director of volume lines.
Fraudsters steer away from motor as casualty fraud almost triples in five years
Organised casualty fraud claims saw a significant spike from 2010 to 2014 as the government tightened up on whiplash and motor fraud, according to a new report.
Cooper Gay hires former Brightside CEO
Reinsurance broker Cooper Gay Swett & Crawford has poached Andy Wallin, former group CEO of Brightside.
Stream UK sold after parent group goes into liquidation
Stream Claims Services UK has been sold off for an undisclosed sum by its struggling Australian parent company.
Two brokers lose permission to carry out regulated activities under FCA
Brokers David Michael Sayer and Lester Evans have lost their Part 4A permission to undertake regulated activities under the Financial Conduct Authority after failing to pay overdue balances.
Parliament and Treasury Committee’s power ‘greatly strengthened’ in hiring process of FCA CEO
The House of Commons’ and the Treasury Committee’s influence on the appointment and dismissal of the FCA’s CEO has been heightened, according to the latter’s chair, Andrew Tyrie.
Interview: David Marock, Group CEO, Charles Taylor
He's a CEO with £24m burning a hole in his pocket but Charles Taylor boss David Marock isn't in a great hurry to spend it.
Seven die in historic Texas floods
Historic flash floods around Houston in Texas have killed at least seven people and is likely to have caused damage costing hundreds of millions of dollars.
Former Pool Re chairman Tony Latham takes on NED role at Argo
Tony Latham will serve as Argo Managing Agency’s new non-executive director, with the former Pool Re chairman taking up the board role from 27 April.
Reinsurance broker hires two JLT execs for marine and energy
Capsicum Re has appointed Alistair Lockhart-Smith and Jerry Reeves to its marine and energy specialty business, as a managing partner and partner respectively.
AmTrust to acquire ANV for $218.7m
AmTrust has announced it will buy ANV Holdings for $218.7m (£151m) in what it describes as a “transformative transaction” for the company.
Markerstudy restructures retail division after departure of Russell Bence
Markerstudy’s retail division will undergo a restructuring following the resignation of managing director Russell Bence.
Axa grows in Africa through tie up with Lloyd’s specialty Chaucer
A new venture between Axa and specialty insurer Chaucer will cover political risk, energy and infrastructure.