News
China banishes red tape for qualified foreign investors
China will work to speed up approvals of qualified foreign institutional investors looking to buy into its domestic securities, as part of reforms to add depth to the country's capital markets, Bloomberg News reported yesterday.
Coface recruits former Euler Hermes credit underwriter
Coface UK & Ireland has appointed former Euler Hermes underwiter Dara Hanley as senior underwriter based in Dublin.
Ace promotes Homan to executive VP, casualty
Ace Group has appointed Mark Homan as executive vice president, casualty, for Ace's international insurance operations.
Towergate says Cobra withdrawal shows it is financially disciplined and 'boring'
Towergate boss Mark Hodges has said the broker's withdrawal from the race to buy rival Cobra is a sign of Towergate's financial discipline.
GCC insurance expected to outperform GDP in near term
The Qatar Financial Centre Authority launched its first Gulf Cooperation Council insurance barometer at the 29th Global Arab Insurance Federation Conference in Marrakech today.
Regulation of loss adjusters in the spotlight again
The European Insurance and Occupational Pensions Authority has advised that regulation of those fulfilling the "claims" aspects of insurance contracts would be part of Insurance Mediation Directive 2.
Kennedys promotes Hong Kong partner West to global partnership
Kennedys has promoted Hong Kong partner Mark West to the global partnership, as well as promoting four solicitors to partners in the UK as of 1 May.
Xchanging appoints new global sales director for insurance
Business services provider Xchanging has named Mike Reynolds as global sales director of insurance with immediate effect.
Ombudsman blames rise in motor insurance policy complaints on recession
The 26% increase in motor insurance complaints from consumers in the past financial year is "likely to reflect the tougher economic times", according to the Financial Ombudsman Service.
Riot compensation scheme 'not fit for purpose'
The Association of British Insurers has called for an overhaul of the law that provides for compensation to be paid to the victims of riots.
Ombudsman reports 51% increase in PPI complaints
Complaints to the Financial Ombudsman Service about payment protection insurance increased year on year by 51%, and accounted for 60% of all new cases in 2011/2012.
Broking holds back Towergate in Q1
Towergate Insurance's Q1 figures show that its broking business suffered as overall group income was up 2% to £105.5m (2011: £103.3m) and group operating earnings were up 9% to £34.3m (2011: £31.4m).
TL Dallas chairman Colin Dallas dies
Bradford broker TL Dallas Group chairman Colin Dallas has died at home after a long illness.
Eqecat puts €100m price on Italy quake
Catastrophe risk modelling firm Equecat has estimated insured losses of around €100m for the northern Italy earthquake on 20 May, but warned of uncertainty.
Aon names McGill as group president
Aon has made Steve McGill group president to oversee the development of the firm's overall growth strategy and opportunity planning.
IFB appoints Buck to roll out Insurance Fraud Register
The Insurance Fraud Bureau has recruited Andrew Buck to oversee the launch of the industry's Insurance Fraud Register.
Pannone appoints business development manager
Manchester law firm Pannone has appointed former Axa Corporate Partnerships manager Kate Burke as business development manager for its Affinity Solutions division.
Capita takes over Medicals Direct
Capita has bought the medical screening services provider Medicals Direct Holdings for £13.2m, on a cash free, debt free basis, and a deferred consideration, linked to profit performance, of up to £2m.
Law firm calls for tighter laws on metal theft
A City law firm has called on the government to resurrect the Metal Theft (Prevention) Bill and tackle the scrap dealers head-on.
Insurer boards urged to take risk control more seriously
Insurance company boards have failed to adopt anything beyond a "general tick-box attitude" to risk culture, a consultancy firm has warned.
MySlipcase social network launched for insurers and reinsurers
A former Willis broker has set up an online business networking platform for the insurance and reinsurance industry called MySlipcase.
South Korea uncovers major health insurance scam
South Korea's financial regulators have uncovered the country's biggest insurance fraud, involving more than 1,300 people and three hospitals, the China Post reports.
Chaucer set to launch new marine package
Chaucer Syndicate 1084 has launched a new marine package underwritten by Coastal Marine Services, a UK marine insurance underwriting agency.
Marsh forms public agency team for political and credit risks
Broker Marsh has formed a global public agency team comprised of senior specialists within its political risk and trade credit practice to assist clients in procuring public insurance coverage.