News
London market claims operation
Colin Hawes, deputy divisional claims director for Independent's London Market operation took the stand this afternoon as the prosecution’s third witness, writes Anthony Gould . He described how increases on reserves for some claims relating to 1997 and…
Claims reserving under constant review
Prosecution witness Michael Watts said Independent’s claims management policy was basically “a constant process of review, review and more review in an effort to understand what was happening and how” and to establish a consistent and smooth claims…
KCP and Allianz partner for commercial lines
Software specialist KC Partners and Allianz Insurance have joined forces for a new commercial initiative.
DUAL International announces its half-year performance
Dual International revealed gross written premiums for the period October 2006 to March 2007 had increased by 20% versus the same period last year, with figures surpassing €52 million, in its half year results.
BIBA: commission disclosure doesn't need FSA regulation
In answer to the FSA forensic review of commission disclosure, the British Insurance Brokers' Association said: "It is our view that greater transparency for commercial customers can be achieved by the market of its own accord and we do not need further…
Aon highlights its own Willingness to pay index
Aon has commended Airmic for proposing a Willingness to Pay index, but highlighted the fact it already does its own.
Glacier Re sells $75m Nelson Re cat bond
Switzerland-based reinsurer Glacier Re has announced thhe issuance of a $75m catastrophe bond through a vehicle known as Nelson Re.
Broker raises millions to fund new acqusition push
Listed Manchester based insurance broker CBG is proposing to raise £3m before expenses, by way of two Placings, in order to finance a number of potential acquisitions.
Indie trial: Second witness takes stand
In his final questioning of witness Stuart Pettet today, counsel for the prosecution Andrew Baillie, asked about the degree of certainty or uncertainty that would permit a new claim to be left on the whiteboard rather than registered, writes Mairi…
Prosecution: Whiteboard claims
In his final questioning of witness Stuart Pettet today, counsel for the prosecution Andrew Baillie, asked about the degree of certainty or uncertainty that would permit a new claim to be left on the whiteboard rather than registered, writes Mairi…
Bright believed in GCD reports says witness
A second former employee of Independent took the stand on Monday afternoon to give evidence on behalf of the prosecution, writes Mairi Macdonald . Michael Watts, who worked for the company from 1991 until his retirement in 1999, only to return the…
Former Marsh boss will be Home & Legacy MD
Barry O'Neill has been newly appointed as managing director of Home & Legacy, pending completion of his notice period.
Call connection signs five brokers
Insurance call transfer agency Call Connection has signed of five new customers – Avis Insurance, Footman James, Only Insurance, Wilsons/Quoteline Direct and Your Insurance.
Imarket claims new forms will speed up process
An updated imarket service claiming to be faster and more efficient is being offered to brokers after developers updated its forms for comparative quotes.
Kwik-Fit Insurance expands with niche broker acquisition
Kwik-Fit Insurance, has completed its first acquisition, gaining 100% of the share capital of Express Insurance Services for an undisclosed sum.
BUPA Individual Protection - Award winning critical illness products
BUPA Individual Protection's range of critical illness products has been awarded five stars from Defaqto.
DAS reports £5.7m profit
DAS UK Holdings Limited has reported profit before tax in 2006 of £5.7 million.
IIB says commission disclosure not achievable
In a written response to a request from the FSA for information from trade associations on the subject of commission disclosure, the IIB has been extremely robust in its response.
Condon frequently overruled by Bright
Gareth Rees, counsel for Philip Condon argued today that his client was frequently overruled by Michael Bright and that despite his title, he didn’t always play the role of a managing director, writes Ralph Savage .
Staff perceived Lomas as honest and straightforward
Former Independent Insurance finance director Dennis Lomas warned senior management that the deficit resulting from the company’s reserving strategy was approximately £50m, writes Ralph Savage .
Markel (UK) announces launch of new management risks’ policy
Following the Social Welfare product launch, Markel (UK), the retail division of Markel International, has launched a newly developed Management Risks ‘combined’ wording to protect the directors of UK private companies against directors’ & officers’ (D&O…
FSA publishes feedback on private equity risks
The Financial Services Authority (FSA) has published its feedback to Discussion Paper 06/6 Private Equity: A discussion of risk and regulatory engagement, which examined the impact that growth and development in the private equity market has on the FSA's…
RSA recruits Mitchell as claims and underwriting chief
Royal & Sun Alliance Insurance Group today announced the appointment of Timothy Mitchell to its Group Executive Committee.
Arista recruits Zurich's property and liability bosses
Commercial lines underwriting operation Arista has this week appointed Gregor Elrick as head of property and Carl Steventon as head of liability.