Regulation
EC director urges wider industry participation
Elemer Tertak, director of financial institutions directorate for the European Commission, urged the...
Tories woo insurers with tax promises
The Conservative Party has launched a charm offensive on the UK insurance industry, with London's Ci...
OFT probe could radically transform PPI industry
The Office of Fair Trading’s investigation into the £5.4bn payment protection insurance industry could radically transform the way in which key PPI players do business. Banks, credit card companies and insurers will need to be prepared for intense…
FSA in 'easy-to-use guidebook' pledge
The Financial Services Authority claims to have designed a personal guidebook for all financial firms containing only relevant information which works by answering ten questions about their business.
RAM Re files for $200m Nasdaq IPO
Ram Holdings, parent of Bermudian financial guarantee proportional reinsurer Ram Re, has filed for an IPO to raise approximately $200m.
Results delay may cause Goshawk share suspension
Goshawk, London-listed parent of Rosemont Re, the Bermudian reinsurer in run-off, has said that it shares are likely to be suspended temporarily next month due to delays in producing its 2005 year-end figures.
FSA and DTI mull audit exemptions for small brokers
The Financial Services Authority has issued a consultation paper about removing the statutory audit requirements under the Companies Act for small firms and Appointed Representatives (ARs). The regulator claimed this was a further move in its ongoing…
Stone Point swoops for Axa Re
French-based global insurer Axa has confirmed that Trident II (re)insurance venture capital fund manager Stone Point Capital has made a binding offer for its reinsurance arm, Axa Re. Should the deal go through the new company will be called Paris Re.
EC to launch public consultation into motor insurance
The European Commission has launched a public online consultation on two issues related to motor insurance – the effectiveness of claims representatives in settling claims, and insurance cover for legal expenses.
Regulation threatens broker profits, says Mazars survey
Regulation fails to benefit clients and threatens profitability, brokers have said in accountancy Mazars' 2006 survey of the industry.
Lloyd's reports £103m loss for 2005
Lloyd's this morning reported a loss of £103m for 2005 (2004: £1367m) and a deterioration in the market's combined ratio to 111.8% (2004: 96.6%).
Many unhappy returns
Comment: Product Recall
Appointment at London and European
Gilles Avenel has become chairman of London and European.Mr Avenel was appointed as a non-executive ...
FSA demands brokers make options clear
Brokers have been slammed by the Financial Services Authority for failing to make clear to customers...
Swiss Re's latest sigma study
A study has claimed that insurers' received wisdom regarding the use of the combined ratio as a meas...
Increase penalties for driving uninsured
It has long been my conviction that the odds are unfairly stacked against the law-abiding motorist. ...
FSA grills brokers on TCF
Brokers' complaints handling procedures are likely to come under greater regulatory scrutiny after t...
Willis opens new France office
Willis Group Holdings has announced that its Inspace division has been strengthened by the opening of a new office in France, Willis Aerospace Consulting.
Link and Zenith complete Rubicon acquisition
Link and Zenith, the European businesses of Caribbean financial services company, Guardian Holdings, today announced that the Group has acquired the assets of Rubicon Insurance Solutions Limited’s (RISL) Maidstone operations from the Administrator.
Apil: insurers turning legal system into 'hired guns'
Insurers are dragging the legal system back to the 'bad old days of hired guns', the Association of Personal Injury Lawyers' incoming president will warn this week.
OFT launches study into PPI
The OFT has today launched a market study to look in depth at the payment protection insurance sector. The study follows a super-complaint from Citizens Advice (CitA) to which OFT responded on 8 December 2005.
Odyssey Re admits material weakness after finite restatement
In a delayed filing of its 2005 annual report, global reinsurer Odyssey Re has admitted that it “did not maintain effective internal controls over the accounting for complex reinsurance transactions, which constitutes a material weakness”.
Swiss Re report slams combined ratio
A study has claimed that insurers' received wisdom regarding the use of the combined ratio as a measure of profitability is flawed and that it should be replaced. According to Swiss Re’s latest sigma study, over the last decade the contribution of…
Run-off market continues to grow, reports ARC
At least 23% of the reserves held in non-life business in the UK are now related to the run-off mark...