Regulation
Aviva/Pru merger could lead to rating upgrade
Fitch Ratings has today said that any merger between Aviva and Prudential could result in changes to their ratings. This follows from Aviva's announcement of its proposal to acquire Prudential for £17bn. Aviva's all-share proposal has been rejected by…
FSA lets industry off the hook on contract certainty regulation
The Financial Services Authority will not increase its regulatory powers over the insurance industry by implementing rules governing contract certainty. In a speech given by the regulator's chief executive, John Tiner, today the FSA said the plans were…
Hedge funds walking liability tightrope
Hedge fund managers appear to be in a state of denial regarding their liability to the fund for losses arising from trading errors warned Reynolds Porter Chamberlain at its Annual Directors' & Officers' insurance seminar.
Bahrain given clean bill of health in IMF Report
The International Monetary Fund (IMF) has published a positive financial sector assessment programme (‘FSAP’) review of the Kingdom of Bahrain.
AM Best puts Odyssey on negative review after 10-K delay
AM Best has placed the financial strength rating and the issuer credit and debt ratings of the operating subsidiaries of global reinsurer Odyssey Re under review with negative implications following the company's announcement that it will delay the…
Aviva target confident of independence
Aviva target Prudential has issued a statement reiterating its desire to remain independent.
Aviva spurned in UK global powerhouse bid
The much touted tie-up between UK insurance giants Aviva and Prudential saw the former's written proposal rejected by the Board of Prudential over the weekend. However, the Board of Aviva said today the issue was now open to Prudential's shareholders to…
Claims handling: Positive picture from general insurers says FSA
Most general insurance firms are handling claims well, a review carried out by the Financial Services Authority has found. The review unveiled exclusively at this morning Post Magazine Claims Club also identified some areas for firms to consider in their…
CEA welcomes EU flood directive
Comité Européen des Assurances has welcomed the European Commission’s proposal for a directive on the assessment and management of floods. By aiming to help Member States to prevent and limit the consequences of floods, the proposed directive addresses…
Mayor puts demand for homes before the environment
Environmental standards are being undermined by the need to meet demands for homes in London according to new research published today by the London Assembly.
FSA fines Capita £300 000 on fraud charge
The FSA has fined Capita Financial Administrators Limited (CFA), a third party administrator of collective investment schemes, £300,000 for poor anti-fraud controls over client identities and accounts. The matters set out in this notice refer to the…
Dressed to impress
Information that is presented clearly can make the world of difference but all too often reports are indecipherable, impenetrable and uninviting. Jon Moon explains how to make information work for you
Allen highlights mediation for motor claims
Motor Claims: Management Briefing Plus
Wake-up call over contract certainty
In the aftermath of 11th September 2001, one issue that needed to be addressed was whether the insur...
Knock knock
Financial regulation is on the verge of change and the European legislators are starting to firm up their proposals. Peter Vipond argues the UK industry needs to speak up now to be heard
Bill amends will not stall satellite claims
Two amendments passed last week by the House of Lords to clause 1 of the Compensation Bill (see p48)...
Know your limits
Limitation is a defence that arises repeatedly but there is often confusion over when the clock starts ticking. Niall Innes discusses why professionals and insurers can take the high road
Claim depends on strike-out rate
Cohen v Kingsley Napley and another (a Firm), (Court of Appeal - 10 February 2006)
Lloyd's float a long way off
He has barely had a chance to settle into the office on the top floor of Lloyd's but already the Cit...
Bill changes "positive" but litigation fears remain
Clause 1 of the Compensation Bill has been nothing if not controversial. Now, with the House of Lord...
FSA needs reality check on an industry practice
I would like to comment on the news the Financial Services Authority has cancelled broker Xsavi's pe...
Table talk
Pension trustee insurance
Buyers want disclosure of brokers' commissions
Corporate insurance buyers believe brokers should be made to disclose their commission earnings fully and automatically when arranging cover, according to a recent survey. The report also found a widespread lack of understanding about the level and…
Fitch report pushes for barriers to fall in Indian insurance market
A new report from Fitch Ratings today said that several new players are expected to enter India's rapidly growing insurance market in the next one to three years, especially if the foreign direct investment ("FDI") limit is raised. Most private insurance…