News
Home shopping firm fined £270 000 for TPF breach
The Financial Services Authority has today fined Redcats (Brands) Limited £270,000 for failing to treat its customers fairly when selling payment protection insurance in connection with home shopping products. The regulator found that Redcats did not…
FSA censures vehicle financier over PPI failures
The Financial Services Authority has imposed a public censure on Eastern Western Motor Group Limited for failures relating to its sale of payment protection insurance in connection with vehicle finance agreements.
Government claims victory in meeting road casualty targets
The Government has today announced that it has met its target to reduce road casualties in disadvantaged areas.
Report: 2006 third lowest for insured losses in twenty years
According to preliminary estimates, natural and man-made catastrophes triggered total economic losses of around USD 40 billion, and cost property insurers worldwide USD 15 billion in 2006.
FSA issues Dear CEO letter on contract certainty
The Financial Services Authority (FSA) has issued a Dear CEO letter setting out its view of the progress made by the general insurance industry towards finding a solution to the issue of contract certainty.
FSA publishes its regulation Simplification Plan
The Financial Services Authority (FSA) has published its Simplification Plan that outlines how it has improved – and how it will continue to improve – the regulation of the financial services industry.
Harbor Point launches $250m retro vehicle
Class of 2005 Bermudian reinsurer Harbor Point has announced the formation of New Point Re, a retro sidecar company capitalised at $250m.
Primary outlines "corrective action" after downgrade
Primary Insurance Company, the Dublin based insurer for the Primary Group, has outlined the remedial action it plans to take after been rated B following a review by ratings agency AM Best.
Catlin gets Wellington greenlight
Catlin has announced announce that its offer for Wellington is being declared unconditional as to acceptances and that all required regulatory approvals have been received.
Zurich decides on Endsleigh future
Zurich today announced today the signing of an agreement for the purchase of all remaining shares in the broker Endsleigh.
Primary Insurance Company receives downgrade
A.M. Best has downgraded the financial strength rating to B (Fair) from B++ (Very Good) and the issuer credit rating (ICR) to “bb+” from “bbb”of Primary Insurance Company Limited (Ireland). The under review status of the ratings applied in June 2006 has…
Mapfre Italian acquisition sees rating unchanged
Standard & Poor's Ratings Services said today that its ratings and outlook on entities of the Spanish Sistema Mapfre insurance group are unaffected by its acquisition of 50% of the agency-based motor operations of Società Cattolica di Assicurazione …
Former Alea chief Cane to take the reins at Whittington
Whittington Group, the insurance investor and services provider, has announced that Stephen Cane has been appointed chief executive Europe to lead the group’s strategic growth in the UK and Continental Europe.
Ex-Wellington head of risk Gittings to be new boss at LMA
The Lloyd’s Market Association has appointed David Gittings as chief executive.
PI scheme provider promotes rate benefits
UKGI has launched a professional indemnity insurance scheme that it claims could reduce premiums to some members by more than a fifth.
Talbot poaches Wellington and Creechurch teams as it announces 6% capacity rise
Lloyd's underwriter Talbot is increasing the capacity of its Syndicate 1183 to £325m for the 2007 year of account. This represents an increase of 6% over 2006 capacity of £307 million.
Arista completes Bristol underwriting teams
The new commercial lines underwriting operation Arista has announced further details of its Bristol office, which was opened last month under the leadership of South West regional manager David Aslin.
New FSA websites for small firms
The Financial Services Authority (FSA) has published a suite of new web pages aimed specifically at small firms to help them understand more principles based regulation in terms of Treating Customers Fairly.
Deloitte: Motor insurance premiums fell in 2006
Motor insurance premiums for new business have fallen by 2% so far this year according to the latest Quarterly Motor Insurance Market Report by Deloitte.
Windsor MBO delayed until New Year
Lloyd's broker Windsor has said its potential takeover by management will be concluded either way by the end of January.
Groupama wins race to acquire Carole Nash
Groupama UK has confirmed that it has today completed the purchase of the share capital of Carole Nash Insurance Consultants Limited for an undisclosed sum. The acquisition has received formal regulatory approval from the FSA.
£1.3bn Lloyd's merger avoids date with competition regulator
The UK's Office of Fair Trading announced this morning not to refer to merger of Lloyd's underwriters Catlin and Wellington to the Competition Commission.
Bermuda hikes registration fees 260% to pay for new BMA staff
The Bermuda Government has passed a bill increasing Bermuda Monetary Authority fees for banks, trusts and insurers to help fund 30 new globe-trotting regulators.
Catlin unveils expansion plan
Catlin has announced planms to establish four new European offices in early 2007 in Paris, Barcelona, Zurich and Innsbruck.