News
90% of auditors admit witnessing fraud
Nine out of ten UK audit partners have witnessed some form of fraud at their audit clients over the past 10 years, according to Grant Thornton.
Hector Sants succeeds Tiner as FSA boss
Hector Sants has been appointed chief executive of the Financial Services Authority. He will take up the post on 20 July 2007, succeeding John Tiner who steps down at the Annual Public Meeting on 19 July.
Corporate sales restructure at DAS
Following a strategic reorganisation of sales operations at DAS Legal Expenses Insurance Company, Andy Westall has been named as head of corporate partnerships. He takes up his new role with immediate effect.
Aon couldn't advise Bright on contracts
Ian Winter QC continued his cross-examination of Terry Masters focusing on a meeting Mr Masters had with Michael Bright on 2 March 2001, writes Olivier C Laurent .
Paris Re IPO goes for €19.35 a share
European reinsurer Paris Re has announced that its Euronext Paris Eurolist IPO will raise between €224.5m and €258.2m dependent on take up of over-allotment options, for a sale of between 13.6% and 15.6% of the company at €19.35 a share, valuing the firm…
Bright feared hostile GE bid for Indie
Michael Bright was worried that GE Frankona might launch a hostile takeover of Independent Insurance in 2001, writes Olivier C Laurent .
Indie Trial: Bright feared hostile GE takeover bid
Michael Bright was worried that GE Frankona might launch a hostile takeover of Independent Insurance in 2001, writes Olivier C Laurent.
QBE increases European presence
QBE has increased its European market share with the acquisition of two Swiss motor insurers.
Brokers waste £2.3bn profits each year says report
The British insurance broking industry is wasting £2.3bn worth of profit every year, according to a new study by business analysts Plimsoll Publishing.
Bright shared concerns over ceded premiums
Michael Bright shared Terry Masters' concerns on the amount of premium Independent Insurance would have to pay to Ireco , writes Olivier C Laurent .
FSA retail distribution review is an opportunity says Bland
Stephen Bland, director of small firms at the Financial Services Authority (FSA), addressed the ABI conference about the Retail Distribution Review: preparing the ground for debate on Thursday 12 July.
Assurant buy boosts income £6m
Assurant Solutions has acquired Swansure Group, adding an estimated £6m to its income.
Oval acquires £16m Warrington business
Oval has acquired Warrington based Creamer Group Plc. This is Oval’s first move into the North West and the seventh acquisition in as many months.
GCFac three in court victory against Marsh
The Court of Appeal in London has handed down judgment in a hard-fought case where Marsh sought to recover ground lost when three senior executives from Guy Carpenter’s facultative reinsurance division decided to jump ship to Integro, a rival broker in…
FSA to consider amendments to rules
The Treasury has today announced changes to the Financial Services and Markets Act, which will reduce the current burden on firms in the financial sector and the Financial Services Authority (FSA).
Max Taylor to join FSCS board
The Financial Services Authority has appointed Max Taylor as a non-executive director of the Financial Services Compensation Scheme effective from 1 September 2007.
Equity Red Star launches new family personal accident policy
Equity Red Star (ERS) has launched a new family personal accident policy, developed to provide brokers with a competitive edge in this growing market.
Financial Services Compensation Scheme Board Appointment
The Financial Services Authority (FSA) has appointed Max Taylor as a non-executive Director of the Financial Services Compensation Scheme (FSCS) effective from 1 September 2007.
Admiral price falls after investment talks end
Admiral's shares dropped 3.5% in morning trading after the group decided not to sell a minority stake in Confused.com. According to a regulatory news statement Admiral said that following careful consideration of the offers made, it has decided to…
Firms agree to change PPI internet sales style
Major finance firms have agreed to change the way they sell payment protection insurance (PPI) over the internet, following action by the Financial Services Authority (FSA).
RFIB appoints new Champion
Lloyds Insurer and reinsurance broker RFIB has appointed Hugh Champion to help drive its expansion in facilities and binding authority business.
SSP plans global expansion after Sirius merger
The newly merged software supplier SSP today announced new growth targets, a new brand and a revised operating structure and management team following the completion of the acquisition of Sirius and the announcement of record annual results.
Brit hires cyber underwriter
(Re)insurer Brit has announced the appointment of Ben Maidment as privacy, cyber and technology underwriter, within its US PI team.
Bryanston creditors get 12% increase says PwC
The scheme administrator of run-off insurer Bryanston Insurance Company Paul Evans, has raised the payment percentage a further 12% to 59%. This further raise sees creditors benefit from a substantial increase on the initial 10% of established…