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In this week's edition a refinancing deal that allowed the Co-operative Group to retain its general insurance business handed the firm a "get out of jail free" card, according to market observers who say the mutual was unlikely to ever find an acceptable value for the unit.
The decision to back away from sale plans came after the Co-op tweaked a refinancing deal to allow it to raise less capital than the £1.5bn previously envisaged by handing investors more equity.
In other news claimant and defendant parties are clamouring to be part of the Ministry of Justice's cross-industry working group charged with establishing the remit of medical panels aimed at targeting bogus whiplash claims; while SME bosses are putting their businesses in jeopardy by not following the example set by large corporate entities and investing in cyber cover to ward off the growing threat of data breach incidents, according to insurers; The Chartered Insurance Institute is targeting retail insurers for an independent standards initiative, after a number of firms from the sector failed to meet the terms of the Aldermanbury Declaration before its 31 December 2013 deadline; and plans to bar unrated insurers from writing solicitors' professional indemnity insurance have been backed by members of the broking community, who have called for similar rules to be introduced in other classes of business.
The countdown to the British Insurance Awards 2014 continues in this week's issue. Previous winners of the Young Achiever Award, Helen Merfield (2000) and Jon Nottingham (2008), talk about the affect winning the accolade has had on their respective careers.
Ace Group regional president, UK and Ireland, David Robinson, explains why more openness and better modelling is need to help the insurance industry meet 21st century needs; while Oval group chief executive Peter Blanc talks about why he believes non-disclosure is consigned to history.
The Post In series on motor reaches its conclusion with two final articles. In the first, Edward Murray explores the impact possible saving made through intelligent vehicle repairs are having; and in the second, Paul Sykes, sales and operations director at Audatex looks at the unique opportunities offered by emerging tools when it comes to providing a smarter solution for motor insurance customers.
In addition, two years after the Costa Concordia ran aground, it has finally been given a date to be removed. Sam Barrett asks what has happened in the marine market in the intervening period; with the Insurance Growth Action Plan hoping to add momentum to the industry's drive to attract young talent, Mark Sands looks as what the future holds for insurance apprenticeships; and with the government keen to minimise fraud to reduce premiums, Stratos Gatzouris, member of the joint fraud sector focus team at the Forum of Insurance Lawyers, examines what penalties individuals should incur when they try to deceive insurance companies.
Enjoy the read!
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