News
BPS Insure appoints administrators
General insurance brokerage BPS Insure has today appointed administrators from insolvency practitioners Begbies Traynor following a decision by the Financial Services Authority (FSA) on 5 May to withdraw its permission to sell new policies.
Heath Lambert claims to be out of the woods
Heath Lambert Group has completed the "final stage of its financial restructuring" and attracted "significant" additional capital from new investors, including two of its existing banks, Royal Bank of Scotland and Credit Suisse First Boston.
Harris steps in at Groupama
Groupama Insurance has appointed Lynn Harris as proposition development manager.
RWA sets up London Market Solutions
Regulatory compliance specialist RWA Group has established a new company to provide coverholder audits and other technical support to both insurers and Lloyds Syndicates.
First Assist wins after-the-event court case
FirstAssist, the After-the-Event (ATE) Insurance specialist has won its ATE test case against Norwich Union and other defendants.
FSA announces broker fees
The FSA today published the final Financial Services Authority fees and the Financial Ombudsman Service levies for 2005/06. In addition, the FSA has announced a review of the funding regime.
Questgates swoops for GAB director
Graeme Shurben, business development director at GAB Robins, is to join QuestGates, where he will take on responsibility for the development of the company’s northern operations.
SVB forecasts steadying ship
SVB Syndicates has announced updated quarterly forecasts for its managed syndicates for the 2003 and 2004 Years of Account, together with the 2002 run-off Year of Account, as well as commenting on trading to date in 2005.
Zurich admits misrepresentations to APRA
The Australian Prudential Regulation Authority (APRA) today accepted Enforceable Undertakings from Zurich Australian Insurance Limited (ZAIL) and Zurich Financial Services Australia Limited (ZFSA) arising from two financial reinsurance transactions with…
Civil suit filed against AIG
Authorities in New York have filed a civil lawsuit against American International Group (AIG) and two former top executives of the insurance company, saying they committed fraud and manipulated its books to deceive regulators and investors.
Towergate Professional Indemnity Push
Towergate have announced the creation of a new professional indemnity underwriting agency and support centre based in London under the trading style of ‘Towergate Underwriting – Professional Indemnity’.
Appointments complete Highway distribution team
Motor insurer Highway has appointed Alexander Connon and Steve Halliday as regional account managers.
Apil welcomes claims regulation debate
The Association of Personal Injury Lawyers has responded Prime Minister’s speech on compensation and risk, maintaining its argument the compensation culture is a myth.
FSCS reduces 2005/6 levy but admits Whiteley not factored in
Financial Services Compensation Scheme has updated its initial 2005/06 levy requirements to take account of a substantial recovery now expected from the KWELM estate, of which it is a creditor.
New Benfield report on Bermuda
Despite last year’s record storms, Bermuda’s property reinsurance rates continued to decline during the first quarter of 2005 whilst casualty pricing appeared to stabilise according to the latest Bermuda Quarterly report (BBQ) from Benfield.
Charitable trust sponsors US students to learn about UK market
The UK Market Charitable Trust, set up by the insurance industry following the 9/11 tragedy, is hosting an educational programme for two New York insurance students.
AIG facing civil complaint according to WSJ
New York state regulators are nearly finished drafting a civil complaint against American International Group (AIG) alleging that the insurer improperly burnished its financial results and misled regulators and investors, according to the Wall Street…
Catlin decreases rates on average 2%
Catlin has issued a trading statement following its AGM, declaring rate adequacy remains favourable across the classes of business underwritten by thegroup, with a weighted average premium rate decrease of 2 per cent to April 30 2005 compared with the…
Pricing pressure hits Fortis motor income by 7%
Fortis Insurance UK has reported overall gross written premium (GWP) for the first quarter 2005 has dipped slightly to £142.5 million (2004 Q1 £144 million).
CEOs compared to temps in new report
Financial services companies have had the lowest turnover of chief executives over the last seven ye...
Apprentice centre to bridge skills gap
Motor insurance repair research centre Thatcham has officially opened a purpose-built apprentice-tra...
Winners and losers: Post Magazine's monthly round-up of job cuts and gains
WINNERS Norwich Union recruits another 40 people in Croydon and 30 people in Perth to help it handl...
AA abandons commercial push
AA Insurance Services has ruled out a commercial push after a failed pilot earlier this year. New h...
Appointment at Arnold Fisher
Arnold Fisher, sister company to the City-based broker James Hallam, has made Stuart Burt regional d...