Regulation
FSA Strachan outlines contract certainty update
David Strachan, insurance sector leader, Financial Services Authority, made the following speech at The Insurance Institute of London today.
NU announces more redundancies as part of restructure
Norwich Union today announced its support services – including IT, properties and facilities management – are being restructured.
AWAC downgraded as it moves away from AIG
AM Best. has downgraded the financial strength rating (FSR) to A (Excellent) from A+ (Superior) of Bermudian (re)insurer, Allied World Assurance Company (AWAC) and its affiliated subsidiaries.
IFS hails female take up of insurance qualifiation
The Institute of Financial Services has reported that record numbers of women registered for its Certificate in Regulated General Insurance (CeRGI®).With almost 2,000 registrations from women for the single-module qualification, this represents…
Market analysts pessimistic over insurers' 2006 growth prospects
Analyst Keefe Bruyette and Woods has reduced its European insurance sector rating outlook to underweight from Neutral, claiming last year's performance is unlikely to be repeated in 2006.
Administrator: BPS money will not be repaid
The saga of collapsed broker BPS Insure appears to be drawing to a close, as the administrator admit...
Spitzer strikes again
New York Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills have announced an agreement with a leading US consulting firm specializing in life, accident and disability insurance to resolve allegations of fraud and anti-competitive…
Trade body hits out at FSA as members' insurance sales drop
The Financial Services Authority's insurance regulations could change the face of the motor insurance market as we know it, threatening motor retail business and restricting consumer choice,' according to the Retail Motor Industry Federation (RMIF).
Reform is not attack on lawyers
While some criticism from the legal profession to our proposals for compensation reform is inevitabl...
Dream a little dream
News Comment: solvency II
Appointment at Plantec Holdings
Plantec Holdings has appointed Nigel Allen as its service and business development manger. Mr Allen ...
Aioi Europe sells business
London-based Japanese insurer Aioi Europe has sold its run-off book of business to Enstar Group and ...
FSA demands improvement by retail networks
The Financial Services Authority has demanded improvement by retail networks in their supervision of...
House of Lords to decide on CSC suitability
The House of Lords will be provided with an assessment of the Claims Standards Council's suitability...
Stand by for action
Legal Comment: VAT
Scottish Re rating affirmed by AM Best
AM Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Scottish Re. The outlook on both ratings remains stable.
QBE UK absorbed into European brand
QBE has announced that as of 31 December 2005, the insurance business of QBE Insurance Company (UK) was transferred to QBE Insurance (Europe).
RSA makes risk solutions appointment
Royal & Sun Alliance has appointed Steve Hatherall as account director of its Risk Solutions division.
JLT Re starts up
Jardine Lloyd Thompson Group has announced that JLT Re commenced trading on 1 January 2006.
S&P takes Converium off negative watch after restatements
Standard & Poor's Ratings Services has affirmed its 'BBB+' long-term counterparty credit and insurer financial strength ratings on Switzerland-based reinsurer Converium AG and the guaranteed operating entities of the Converium group (Converium).
Glacier Re ups capital by a further $50m
Swiss-based reinsurer Glacier Re has announced that it has issued $34m and €14m ($16.5m) of subordinated notes to boost its capirtal base for 2006.
UK agrees passporting with Gibraltar
The governments of Gibraltar and the United Kingdom yesterday evening reached an agreement over the passporting of investment services and the exchange of information.
Ecclesiastical gets upgraded
Insurer Ecclesiastical has had its rating upgraded to an 'A-' grade rating by agency Standard & Poor's. Ecclesiastical already had an 'A-' grade rating from A M Best.
US R/I figures show Bermuda surging ahead of Europe
The US Department of Commerce’s latest annual survey of the transactions of. insurers resident in the US with overseas (re)insurers has shown Bermuda continued to gain ground at the expense of UK and other European reinsurers.