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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.
FSA calls for networks to improve control over appointed representatives
The Financial Services Authority (FSA) has called for retail networks to improve their supervision of Appointed Representatives (ARs). An FSA survey found a number of potential shortcomings in areas such as the level of compliance resource in Principal…
FSA touts 100% compensation FOS hike
The Financial Services Authority today published the findings of its review of the compensation and eligibility limits for the Financial Services Compensation Scheme (FSCS) and for the compulsory jurisdiction of the Financial Ombudsman Service (FOS).
PPI market up for grabs
Current controversy surrounding the selling, or should I say mis-selling, of payment protection insu...
Insurers victorious in predictable costs case
D Earle v Centrica - (Ipswich County Court - 25 July 2005)
Joined-up attack on PPI expected
The insurance industry can expect a joined-up regulatory attack on the mis-selling of payment protec...
Inflated cost claim approved
Insurers were left frustrated this week, after a High Court decision that could lead to a significan...
FSA slashes deadline
The insurance industry's deadline to prove it is capable of voluntarily providing contract certainty...
Stuart Alexander acquires Bishop Skinner
Stuart Alexander has confirmed its acquisition of Bishop Skinner (PM, 8 December, p1), bringing the ...
On the up
Review of the year: life insurance
ELD insurability needs greater legal clarity
Environmental Claims
Risk defence is quashed
A group of Lloyd's reinsurers has lost its appeal against a £100m claim after failing to convince a ...
ABI appoints chief economist
The Association of British Insurers has appointed Rebecca Driver as director of research and chief economist.
Finance industry anti-terror excercise highlights areas of concern
The Tripartite Authorities - Her Majesty's Treasury, the Financial Services Authority and the Bank of England - are today publishing the results of a survey of the UK financial sector's ability to cope with major operational disruption, such as a…
Converium names new CEO
Inga Kristine Beale has been appointed as the new CEO of Converium. A British citizen, she is currently CEO and chairman of the Board of Management of GE Frankona, as well as the leader of GE Insurance Solutions' Property & Casualty reinsurance business…