News
Risk managers warned over environmental liability
Risk managers of all organisations must now view environmental risks as part of their core risk management, according to Aon Global directors Bob Martin and Marcel Steward.
Floodgates still shut tight despite hit and run claim victory
A high court decision allowing a hit and run victim to claim compensation 14 years after the incident will affect only half a dozen claims, Post Understands.
Prosecution: Reinsurance contracts were renegotiated after Bright's £105m pledge fell short
The prosecution has accused Michael Bright of writing a letter dated 5 March 2001, the same day as Independent's board meeting, to Mr Copping, a senior director at ERC which agreed to have in place a pledge of £141,400,000 within 48 hours, or the…
Crown begins witness testimony
The prosecution today called its first witness to the stand. Stuart Pettet, who joined Independent in 1987 as assistant UK property manager, worked his way up to the role of assistant general manager and left Independent in December 2000. More to follow.
Reinsurers and brokers must be included in willingness to pay index
The Association of Risk and Insurance Managers has admitted that it has no timetable for the introduction of its 'willingness to pay index' but that it would like to include brokers and reinsurers when it comes to the market.
New insurance accounting standard subjectivity claim
The proposed changes to the way insurance contracts are reported will significantly impact the way liabilities are valued, leading to greater subjectivity in company accounts according to Deloitte.
Post pick of the week
Anthony Gould provides a run down of the major news in tomorrow's issue of Post including: Royal and Sun Alliance pilots new underwriting initiative for rbrokers; Airmic seeks Enterprise Risk Management clarity; Culver shares hike mystery; and Groupama…
BP Marsh sitting on £4.2m in cash and loans for potential investment
Speicalist insurance Private Equity House BP Marsh has announced its consolidated statements for the year ended 31st January 2007, the first year since the Group’s ordinary shares were admitted to trading on AIM on 2nd February 2006.
Report says 80% of insurers could fall short of contract certainty targets
A survey of the largest insurance companies in the UK has claimed that only 20% have moved to primarily electronic document storage. The report's author, Skywire Software said this has left the vast majority in a precarious state of readiness for the new…
Lloyd's to replace existing £335m syndicate loans issue
Lloyd’s is to return to the debt markets with a benchmark issue of Tier 1 perpetual subordinated debt.
FSA launches regional roadshows for brokers
The Financial Services Authority is offering financial advisers, mortgage intermediaries and general insurance brokers in Birmingham and Liverpool free roadshows from 19 to 21 June.
Prosecution evidence: Reinsurance contracts
There are several reinsurance contracts arranged in February and March 2001 that feature in the case for the prosecution.
Prosecution evidence: Claims Reporting
There were various claims reporting systems in operation at Independent according to the CPS.
Aon outlines airline insurance and risk fears
Airline risk management survey has indicated environmental pollution is the risk that most organisations expect to purchase a policy for over the next three years, rising from sixth in the 2005/6 survey and reflecting the current focus on corporate…
Consolidator outlines float plan to grow
Cobra, the UK-based retail and wholesale insurance broking group, today announced its intention to seek admission to trading on AIM and to raise £10m by way of a placing of ordinary shares with institutional investors.
Lloyd's broker claims benchmarking first
Lloyd's broker Oxygen Insurance and Advisen, a provider of technology and data to the global commercial insurance industry, have today launched a new initiative to provide on-demand program benchmarking to buyers of insurance in the UK.
Cullum buys stake in Smith & Pinching's Norwich business
Cullum Capital Ventures has announced an investment stake into the general insurance business of Norwich based broker Smith & Pinching. The business, with a GWP of £13m, has a household scheme portfolio as well as a book of commercial and personal lines…
Indie trial prosecution: Reinsurance contracts
In the final session of the day, the prosecution alleged that Independent’s actuaries Watson Wyatt and its auditors KPMG felt that the three reinsurance contracts that were disclosed at the beginning of March 2001 were “too good to be true”...For the…
Contracts "too good to be true"
In the final session of the day, the prosecution alleged that Independent’s actuaries Watson Wyatt and its auditors KPMG felt that the three reinsurance contracts that were disclosed at the beginning of March 2001 were “too good to be true”. Consequently…
Crown alleges £100m was cut from value of reinsurance contracts
The Crown continued its prosecution this afternoon, focusing on Independent’s reinsurance arrangements and various amendments to contracts which were allegedly made by Mr Bright and Mr Lomas but withheld from the board, writes David Worsfold . Mr Baillie…
£50m claim over construction delay dismissed
The High Court has dismissed a £50m claim for damages and interest made by MAPCL and another Mirant subsidiary, Sual Construction Corporation, against Ove Arup, over delays in the construction of the Sual Power Station in the Philippines.
Munich Re signs UN climate change declaration
Munich Re is a signatory to the joint declaration on climate change issued by the Geneva-based United Nations Environment Programme Finance Initiative (UNEP FI).
Ren Re announces formation of Starbound II
RenaissanceRe has announced the formation and funding of Starbound II, a new Bermuda reinsurance company, creating approximately $375m in new reinsurance capacity for the Florida homeowners market.
Indie prosecution: claims reserving
Prosecution counsel Andrew Baillie QC continued to set out the case against Michael Bright, Philip Condon and Dennis Lomas at Southwark Crown Court this morning. Providing a detailed breakdown of the alleged under-reserving and non-reporting of claims Mr…