News
LMA backs Airmic transparency threat
The Lloyd’s Market Association today welcomed what it called the clear statement from Airmic in favour of full transparency and an end to conflicts of interest in broker models.
Buyers urged to aid contract certainty bid
Insurance buyers must change their practices to achieve contract certainty, the annual Airmic conference was told today.
Airmic survey: brokers still failing on transparency
After a review into the way insurance brokers are remunerated, the Association of Insurance and Risk Managers has stated recent improvements in broker transparency have not yet delivered results.
Tell the European Commission what you think
The European Commission is planning to review existing regulations in the financial services sector. If you want to let the European Commission know your views on what existing rules need to be changed, please use the link below to submit your views as…
FEMA boss calls for flooding action
With the landfall of Tropical Storm Arlene as the 2005 Hurricane Season's first named storm, Department of Homeland Security Under Secretary and head of the Federal Emergency Management Agency (FEMA) Michael Brown has called on more homeowners, renters…
FSA introduces tailored handbooks for small firms
The Financial Services Authority (FSA) has launched 14 sector-specific tailored handbooks of its rules and guidance for small firms.
NAIC task force launches broker disclosure action plan
The National Association of Insurance Commissioners (NAIC) has announced that it has wrapped up the first prong of its three-part action plan on broker disclosure at its Summer Meeting in Boston.
Aon and RSA in cargo scheme launch
A new cargo insurance website, GoCargoInsurance.com, has been launched to bridge the gap created after the introduction of new regulations from the Financial Services Authority.
Admiral boss made management guru
Henry Engelhardt, chief executive of the Admiral Group , has been appointed a Companion of the Chartered Management Institute. By accepting the award he joins a select band of leaders chosen each year, including well-known figures such as Richard Pym,…
MMC ends strategic review
Michael Cherkasky, president and chief executive of Marsh & McLennan (MMC) has announced that the company has completed the strategic review initiated in March of its principal businesses.
Retail insurance set for further regulation says EU Commissioner
Charlie McCreevy, EU Commissioner for the internal market and services, has attempted to reassure the continent's insurers that no further tidal-waves of regulation were to be expected. He told a delegation of industry association representatives that …
Brussels confirms insurance probe
The European Commission has decided to launch sector inquiries in financial services in the European Union in the areas of retail banking and business insurance.
Adjuster opens first Irish base
Loss adjuster Sigma Claims has set up its first base in Ireland. The company has set up its fourth office in total in Carrickfergus.
2005 Atlantic hurricane activity forecast above average
Tropical Storm Risk (TSR) has announced that it still anticipates that another active Atlantic hurricane season in 2005 is highly probable.
Regan vehicle's offical RSA statement
The directors of Corvus Capital, the UK investment company run by financiere Andrew Regan, have confirmed that UK insurer Royal & Sun Alliance is one of the potential investment and acquisition opportunities it is investigations.
Scor to restructure non-life business
The Scor Group has announced that it is adapting its worldwide structures to its new business profile, which has now been stabilised.
RSA issues statement on approach
Royal & Sun Alliance has issued a statement following the announcement by Corvus Capital regarding its interest in the insurer. The statement said: RSA "confirms that it has not received any approach, nor is it involved in any discussions which could…
Aon survey looks at company threats
The greatest threats to companies in 2005 are loss of reputation and business interruption, according to a survey of top UK companies by Aon.
Second Gen Re executive to plead guilty
A second senior executive of reinsurance company General Re plans to plead guilty in a probe of insurer American International Group (AIG), according to a report in the New York Times.
High profile duo re-enters market
Peter Smith, ex-managing director of international broker PWS, and Ralph Ehlers, InsurE-com founder, are re-entering the insurance market.
Primary appoints Forbes FD
The Primary Group has appointed Theunis Viljoen as finance director for European distribution.
Houldsworth pleads guilty in Gen Re case
A former executive at Berkshire Hathaway's General Re insurance unit has pleaded guilty to helping American International Group (AIG) concoct a sham transaction that made AIG's finances appear better than they were.
QBE rating upgraded
AM Best has upgraded the financial strength rating of QBE International Insurance to A (Excellent) from A- (Excellent) and the issuer credit rating to a+ from a-.
AM Best upgrades QBE
AM Best has upgraded the financial strength rating of QBE International Insurance (QBEII) to A (excellent) from A- (excellent) and its issuer credit rating to “a+” from “a-”. The outlook for both ratings is stable.