Regulation
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…
JLT Re to start trading 1/1
UK based (re)insurance broker, JLT has announced that JLT Reinsurance Brokers has received approval from the FSA to commence trading from 1st January 2006. Alan Griffin has been appointed chairman and chief Executive with immediate effect, reporting to…
S&P takes Lloyd’s off negative watch
Standard & Poor's has affirmed its 'A' long-term insurer financial strength rating on the UK-based Lloyd's insurance market and its 'A' long-term counterparty credit rating and 'BBB+' long-term junior subordinated debt rating on The Society of Lloyd's…
Brokers claim lack of understanding over mortgage PPI
In the first survey of mortgage brokers and intermediaries on their attitude towards mortgage payment protection insurance (MPPI) since the FSA revealed the results of its thematic review, Assurant Solutions and CETA have uncovered some mixed results.
FSA Arrow visits branded
The FSA’s Arrow Visits are meeting the expectations of the financial services industry from a process point of view, but the application of the process by the FSA has been met with a lack of confidence, according to the first independent research into…
Equitas settlement progress “significantly slower than hoped”
Equitas has reported much slower than expected progress on settling inwards liabilities in its half-year summary financial statement.