Regulation
IIB raises spectre of Indie in payment warning
Brokers who accept credit cards for premium payment could be exposed to millions of pounds of insurer debt according to a broking trade body.
AM Best keeps AIG under review
AM Best is maintaining its existing under review status of the financial strength ratings (FSR) of member companies of American International Group, (AIG) following AIG’s announcement that it has reached a $1.64bn settlement ($1.15bn after tax) with the…
Fitch leaves AIG ratings on negative watch
Fitch Ratings has said that its ratings on American International Group (AIG) and its ratings on AIG subsidiaries, including American General Finance Company (AGF) and International Lease Finance Corporation (ILFC), remain on Rating Watch Negative.
SVB announces new insurer plan
Lloyd's insurer SVB today announced plans to bring forward proposals designed to achieve its stated strategic aim of establishing and capitalising a new, wholly-owned FSA-regulated insurance company isolated from its damaging legacy underwriting. The…
AIG settles with Spitzer and SEC for $1.6bn
US State and federal regulators have announced agreements that resolve pending litigation and investigations of fraud, bid-rigging and improper accounting by American International Group (AIG).
Cooper Gay appoints Kirk Bitu as senior vice president
Cooper Gay & Cashman (Minneapolis) and Cooper Gay Group (London) have announced the appointment of Kirk Bitu as a senior vice president. Mr Bitu will be in charge of actuarial and financial modeling at Cooper Gay & Cashman.
Regulation nation
Regulation: Legal uncertainty
An old-age problem
Longevity
EUCC: London should be wary
It is always difficult to gauge whether the market is frightened enough regarding the European Union...
Appointment at Wellington Underwriting
Wellington Underwriting has appointed and promoted several personnel. Peter McIntosh will assume the...
Insurers warned of price-fixing actions
Insurers have been warned of the threat of an increase in direct legal actions over allegations of p...
FSA gives green light to self-assessment
The Financial Services Authority is considering allowing some brokers and insurers to self-assess, i...
RAC gives legal panel notice
Norwich Union subsidiary RAC Legal Services has put its panel of 22 law firms on six-months' notice ...
Straight down the line
Risk Report
Brokers in appeals mechanism plea
The Institute of Insurance Brokers has called for the creation of an independent tribunal in order t...
Industry forces unite to scrap Bill clause
Pressure mounted this week on the Government to scrap clause one of the Compensation Bill. Parliame...
Appointment at Medisure
Medisure has appointed Paul Ashcroft as corporate relationship director. Mr Ashcroft will be respons...
Omega rating affirmed
A.M. Best has affirmed its syndicate rating of “A” (Excellent) and the issuer credit rating of “a+” for Lloyd's Syndicate 958, managed by Omega Holdings' subsidiary, Omega Underwriting Agents.
IIB calls for FSA to be more accountable
In its response to the HM Treasury consultation on proposed changes to the Financial Services Markets Act 2000, the Institute of Insurance Brokers has called for a Financial Services Authority Rules and Regulations Appeals Procedure to be incorporated in…
White Mountains renews Olympus Q/S and cedes RI to Helicon start-up
In its 4th quarter results announcement White Mountains Re has confirmed that it has renewed its quota-share reinsurance arrangements with Olympus Re, albeit on modified terms and including a new reinsurance company called Helicon.
Oil on troubled waters
Marine
EC insurance inquiry aims remain unclear
The inquiry into business insurance by the European Commission may be gathering pace, with questionn...
Lawyers agree protocols for injury claims
The two leading claimant and defendant law bodies have agreed to draw up protocols for personal inju...
CSC insists it is a potential regulator
The Claims Standards Council has made a final appeal to the government that it should still consider...