Regulation
Rims testifies to Senate over Spitzer
Janice Ochenkowski, the US Risk and Insurance Management Society's vice president – external affairs and senior vice president of Jones Lang Lasalle, testified today before the Senate’s Governmental Affairs Subcommittee on Financial Management, the…
CIAB attacks ‘misguided’ perception of brokers
The Council of Insurance Agents & Brokers has said in Washington that it is “misguided” to presume that brokers and insurance carriers must be in an adversarial relationship to best serve their commercial customers.
FSA again calls on insurers over "increasing" secondary intermediary concerns
The Financial Services Authority today reported that it is “increasingly concerned” by the numbers of secondary intermediaries applying for authorisation. It has now called on insurers to “re-double” their efforts to improve numbers, claiming they are…
Insurer announces plans to close all UK district offices
Co-operative Insurance Society today announced that following the modernisation review announced in July it plans to close all 106 distrcit offices by the end of 2005 with all existing customer contact and administration work transferred to its head…
Biba hits out at Airmic over FSA investigation call
The British Insurance Brokers’ Association is concerned that claims by Eliot Spitzer, from the New York Attorney General’s office, of anti-competitive practices in the US insurance sector are unfairly damaging the UK market. It believes irresponsible and…
Ace forms strategic advisory group
Ace has formed an advisory group to guide its board on strategic issues and to improve the organisation’s business, industry and political connections.
Broadgate enters international property treaty market
Broadgate Syndicate 1301 is to establish an international property treaty account in 2005. Four of the Great Lakes Reinsurance (UK) treaty underwriting team, headed by Bob Katzaros, will be joining Broadgate to build the account, which will comprise…
Zurich suspends staff after Spitzer review
Zurich Financial Services (Zurich) has suspended several employees of the Excess Casualty underwriting unit in the Specialties Business of Zurich North America Commercial following an inquiry into business practices related to the ongoing Spitzer…
New Aon report looks at airline insurance
The airline sector continued to enjoy significant insurance premium reductions for the third quarter of 2004, according to Aon's 2004 Third Quarter Airline Insurance Market Review. Typical airline renewals saw average hull rate reductions of 12% and…
ABI gives property flood risk warning
Watertight controls on new property developments are needed in flood risk areas according to the Association of British Insurers.
Adding some seasonal advice
Expert View: Reinsurance Renewals
Adequate advice would have led to claimant delay
Chester v Afshar (House of Lords - 14 October 2004) In 1994, the claimant was examined by Mr Afshar...
Loose ends
London Market: Run-off
Ace claims third biggest UK GI tag
Ace European Group is now claiming to be the UK's third biggest general insurance company by premium...
Airmic demands FSA investigation
The Association of Insurance and Risk Managers has called on the Financial Services Authority to lau...
KPMG receives "unanimous support"
KPMG, the joint scheme administrator of insolvent insurer Anglo-American, said it received "unanimou...
Appointment at Chartered Insurance Institute
The Chartered Insurance Institute has announced the appointment of John Ellis as the institute's fir...
NU supports government's plans to overhaul compensation system
Norwich Union has welcomed the government's plans to combat the compensation culture.
Government confirms plans to deal with compensation culture
Claims management companies offering ‘no win no fee’ deals have one last chance to get their house in order, Constitutional Affairs Secretary Lord Falconer said today. The comments echo those of David Arculus, chair of the highly influential Better…
AM Best affirms Munich Re ratings
AM Best has affirmed the financial strength rating of A+ (Superior) of Munich Re and its core subsidiaries. The outlook remains stable. The announcement follows the publication of Munich Re’s latest financial results for the year so far.
Lloyd's broker appoints former Aon boss as chairman designate
Agnew Higgins Pickering & Company, the independently managed Lloyd’s broker, today announced the forthcoming retirement in June 2005 of chairman Tony Pickering.
RMI granted FSA approval
The Retail Motor Industry Federation has been granted full approval by the Financial Services Authority under the new insurance regulation.
Former GAB CEO to lead reverse takeover
Aquilo today said it is in “advanced stage of negotiation with the board of ABS Bodyshop Services with a view to making a recommended offer to acquire the whole of the issued share capital”.
Airmic survey: full results show brokers face snub
Almost two in five insurance buyers would rather deal with providers direct than a broker, according to a new survey published today, weeks after the Spitzer enquiry began. Alarmingly for the intermediary sector the research from the Association of…