News
RAC calls on government to implement Clementi reforms
The RAC today welcomed the publication of Sir David Clementi’s review of the legal industry and called on the government to implement its recommendations in full and as quickly as possible.
Clementi Report — main proposals
Sir David Clementi has delivered his final recommendations on the reform of the legal profession. To view and download the full report click here
Swiss re study points to capital volatility after IFRS
The latest Swiss Re sigma study, “The impact of International Financial Reporting Standards on the insurance industry”, has found that while new accounting standards will increase transparency, they may also bring higher earnings and capital volatility.
Allianz Cornhill raises £110m with life sale
Allianz Cornhill has agreed to sell its life operations to Britiannic Group for an estimated cash consideration of £110m — money which Allianz Cornhill plans to invest in growing its general insurance business.
Douglas joins Xbridge from MAP
Commercial finance intermediary Xbridge, has appointed Alastair Douglas as its new Insurance Analyst. Mr Douglas joins the growing insurance team at Xbridge from Lloyd's insurer Managing Agency Partners and will be reporting directly to Chris Slater,…
Moody’s flags up Hannover Re for possible upgrade
Moody's Investors Service said today that it had placed the financial strength ratings and subordinated debt rating on members of the Hannover Re Group on review for possible upgrade.
Clementi Report: legal shake-up outlined
Sir David Clementi is due to unveil his recommendations on the reform of the legal profession this morning. He is expected to recommend the opening up to outside capital of the market, effectively giving the green light to insurers and brokers to acquire…
Lloyd's broker goes into liquidation
Manning Williams, a Lloyd's insurance broker employing around 70 people, has gone into liquidation. Christopher Morris and Nick Hood of insolvency specialists Begbies Traynor have been appointed as joint liquidators.
Aon legal chief joins Willis
Willis has strengthened its specialty practice groups with the appointment of Gary Beck. He joins Willis as the Professional Services industry practice leader from Aon where he was of counsel and served as an independent consultant specializing in a…
Glacier Re launched
Glacier Reinsurance, a Swiss start up reinsurance company, has been launched, having successfully raised CHF 347.5m ($300m) in equity capital. Subject to receiving its reinsurance license from the Swiss Federal Office of Private Insurance, Glacier Re…
NU brings broker motor in line with direct
Norwich Union today announced it is making changes to its brokered motor insurance policies to meet the new Motor Insurers’ Database targets.
FSA challenge: Lloyd's responds
Lloyd's chief executive Nick Prettejohn, speaking in response to John Tiner's challenge to the industry to address the issue of contract certainty said: "Improved contract certainty including fully agreed policy wordings is critical to the health of the…
Tiner: full speech
John Tiner, chief executive of the Financial Services Authority last night put pressure on the insurance industry to get together and resolve issues over contract certainty. The full speech follows:
FSA gives industry two years to sort out contract certainty
John Tiner, Financial Services Authority chief executive, last night called for the insurance industry to change its handling of commercial insurance contracts. Speaking in New York he told his audience that the FSA wants to see the end of the practice…
Outsourcer reveals India expansion plans
Outsourcer Capco has opened a new service delivery centre in Bangalore.
New report pours scorn on compensation culture myth
A new report calls into question the notion that the UK has become an increasingly litigious nation, as general claim figures remain more or less static. The perception that this is the case, however, continues to have serious ramifications for the…
Towergate purchases surgery portfolio from PMI provider G&M
Medical Insurance Agency (MIA General Insurance), part of the Towergate Underwriting Group, has announced the purchase of the surgery insurance portfolio from private medical provider, General & Medical.
Quanta Capital sets up new Lloyd's syndicate
Quanta Capital Holdings has announced that it has expanded its European business by establishing a new specialty lines syndicate at Lloyd's as part of its specialist insurance, reinsurance, risk assessment and risk consulting group.
Loss adjuster Crawford gets Spitzer call
Crawford & Company has been subpoened by New York attorney general Eliot Spitzer in connection with his investigations into accusations of broker and insurer collusion over insurance constracts.
Benfield announces transparency move
Benfield has announced that as of January 1, 2005, all US property & casualty treaty cover notes will fully disclose Benfield's compensation.
Allianz Cornhill calls on government to manage fire risk
Allianz Cornhill’s commercial general manager, Chris Hanks, has called on the government to help businesses manage the risk of fire.
AM Best rates FBARC
AM Best has announced that it has assigned a financial strength rating of A+ (Superior) to First British American Reinsurance Company (FBARC). The rating outlook is stable.
Apil reiterates stance on claims middlemen
Calls from Citizens Advice to regulate claims farmers have been fully supported by the Association of Personal Injury Lawyers.
IPRS and Aon tackle credit insurance fraud with rehab
Rehabilitation specialist, IPRS, and Aon Warranty Group are aiming to cut down on fraud with the use of clinical assessments on Aon’s credit insurance claimants.