News
FSA confirms changes to regulatory returns
The Financial Services Authority (FSA) has confirmed that the Complaints Return and the Retail Mediation Activities Return (RMAR) will be simplified and shortened.
Royal and Sun Alliance receives higher Standard & Poor's rating
Standard & Poor's ratings services said today it raised to 'A' from 'A-' its long-term counterparty credit and insurer financial strength ratings on the main operating entities of Royal & Sun Alliance.
Lockton appoints claims manager
Lockton’s real estate and construction division has appointed Derek McLeod as claims manager.
Atradius Re receives reinsurance licence
Dublin headquartered Atradius Re is the first credit and bonding reinsurance company to be granted a licence to offer reinsurance under new EU regulations.
Kiln confirms offer talks
The Board of Lloyd's (re)insurer Kiln has confirmed that it is in discussions regarding a possible offer for the group.
Britons believe compensation culture rife
A vast majority of Britons (90%) agree that people are more likely now than five years ago to sue for physical and emotional injury.
Joint venture brokers windstorm Cat swap
Jardine Lloyd Thompson Group and interdealer broker ICAP have jointly brokered a catastrophe swap.
Fortis pushes Van Guard into Northern Ireland
Fortis has launched its commercial vehicle product, Van Guard, into Northern Ireland. The recent launch on CDL and SSP, with Open GI expected to follow, further extends the insurers motor offering into the commercial market and across the UK.
Fortis launches commercial product in NI
Fortis has announced the launch of its commercial vehicle product, Van Guard, into Northern Ireland.
SSP set for Indian windfall
SSP Holdings has revealed it is part of a consortium to win a lucrative contract with the United India Insurance Company to provide its IT services.
Crawfords integrates SLS
Crawford and Company UK today announced that it is now fully integrating its casualty operation with sister company Specialist Liability Services. The new combined entity, branded 'SLS, a Crawford company', will be effective from 1 January 2008 under a…
Allied World to buy Converium North America shell
Bermudian class of 2001 (re)insurer Allied World Assurance Company has announced that its US holding company has entered into an agreement to buy Converium Insurance (North America).
Former RBSI director moves to Fortis
Fortis has appointed Adam Clarke as director of underwriting, He will work with the teams responsible for affinity and partnership underwriting, commercial underwriting and new product development to manage the performance and profitable development of…
Scientists forecast increased hurricane activity in 2008
Tropical storm researchers at Colorado State University have predicted the 2008 North Atlantic hurricane season will be “somewhat above-average” with “above-average” probability of major hurricane landfall in the US.
Admiral ups underwriting stake
The Board of Admiral Group today announced that it plans to increase its UK motor premium retention for the 2008 underwriting year to 27.5% from the current 22.5%.
Biba frustrated at FSA indecision
The British Insurance Brokers’ Association has expressed frustration at the result of the Financial Services Authority’s forensic review into transparency in the commercial insurance market.
MMA upgraded
Intermediary only insurer, MMA Insurance has been assigned a Financial Strength Rating of ‘A‘ from Standard & Poor’s.
Airmic still has worries over SME broker disclosure
Association of Insurance and Risk Managers has welcomed the Financial Services Authority statement on broker remuneration and its continued interest in this important subject, whilst calling for a market solution to resolve shortcomings over transparency.
IIB satisfied with FSA decision over commission disclosure
IIB director general, Andrew Paddick was pleased to hear that as a result of the CRA International report, commission disclosure by brokers to commercial clients will not be made mandatory by the regulator - for the time being.
Lancashire to pay $242m special dividend
Bermudian start-up (re)insurer Lancashire has announced it is to return $242m to shareholders through a strategic dividend of $1.10 (approximately 54p) per common share and warrant per share and warrant at the current exchange rate).
FSA refuses to mandate commission disclosure ... for now
The Financial Services Authority (FSA) has announced a further programme of work to consider possible inefficiencies in the commercial general insurance market before taking a decision on whether to mandate commission disclosure.
FSA remains concerned over commission disclosure
The Financial Services Authority today announced a further programme of work to consider possible inefficiencies in the commercial general insurance market before taking a decision on whether to mandate commission disclosure.
Venture Preference establishes Manchester base
Venture Preference has established a presence in the North West with the acquisition of broker and financial services specialist Chambers & Newman.
Benfield warns on 2007 profits
Reinsurance broker Benfield has today issued a profit warning after seeing conditions not improve since the middle of the year.