Latvia
Admiral defeats fundamentally dishonest fraudster; Ardonagh Academy launched; start-up Coral aims to disrupt LEI sector; and Pool Re to cut prices
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA issues £15.5m in fines to fill hole caused by Eric, Balva and Millburn failures
The Financial Conduct Authority has fined five individuals and two firms a total of £15.5m for their part in a market failure that left hundreds of solictors without valid cover.
Vienna Insurance Group completes Baltikums deal
Vienna Insurance Group has completed the acquisition of Latvian insurer Baltikums after receiving regulatory approval.
Quest Partnership appointed to handle Balva liability claims
Liability adjuster The Quest Partnership has been appointed to handle liability claims following the failure of Latvian insurer Balva.
FSCS to protect 'most' of Balva's individual and SME policyholders
The Financial Services Compensation Scheme has said it will step in to help policyholders of Latvian insurer Balva.
Germany and Austria upgraded by Coface as European growth is forecast
The Eurozone is slowly recovering from a serious double-dip recession, with growth of 1.1% expected in 2014, according to credit insurer Coface's latest country risk assessment.
Uncertainty for Balva policyholders after claims handler withdraws
The company handling claims for beleaguered Latvian insurer Balva has withdrawn its services, creating more uncertainty for policyholders of the Riga-based firm.
Penny Black's Insurance Week - 5 September 2013
Just when Penny thought she’d heard it all when it comes to amusing claims, a loss adjuster invited her to consider a new concept: contaminated compost.
Post Audio Supplement - 11 July 2013
Too busy to read the magazine or website? Want a quick update on the latest news?
Solicitors offered unrated insurer carriers despite solvency concerns
Déja vu as Balva-like unrated carriers on brink of taking market.
View from the Top: Do not adjust your sets
So here we go again. Nine months after offering renewal to 1300 UK law firms – and less than two years after they entered the market – an unrated insurer, with a ‘passport’ into the UK insurance market, has been forced to cease trading having been…
Balva told to appoint liquidator following FCMC investigation
Latvia’s Financial and Capital Markets Commission has withdrawn all operating licences for insurer Balva and issued a winding up order for the Riga-based firm.
Balva ordered to wind up operations by regulator
Latvia’s Financial and Capital Markets Commission has withdrawn all operating licences for insurer Balva and issued a winding up order for the Riga-based firm.
Solicitors’ Professional Indemnity: Domino effect
As solicitors and the wider industry prepare for the fallout from the Balva scandal, predictions suggest some firms could fall onto the breadline. Are they right?
Latvia given greenlight to adopt euro in 2014
The European Commission said today that Latvia is a good candidate for euro adoption, having successfully overcome its macroeconomic imbalances.
Passporting: Border control
Will the recent Balva scandal have any bearing on the future of European passporting rights. Francesca Nyman investigates.
Balva policyholders warned to seek alternative cover before renewals
JLT Specialty has warned law firms insured by Balva to take swift action or risk being left in the lurch at renewals.
JLT: Balva-insured solicitors must act now
JLT Specialty has urged solicitors that are insured by Latvian insurer Balva to take action now, warning firms that wait until October to switch insurer are likely to face higher insurance premiums.
Top five European news stories
The top five stories from www.insuranceinsight.com over the past seven days.
Balva’s UK ban raises questions over SRA list of qualifying PI insurers
A move by the Latvian regulator to suspend the passporting rights of Riga-based insurer Balva has reignited broker concerns about the presence of unrated insurance companies operating in the UK market.
All Balva licences suspended following "deficiencies"
Latvia‘s Financial and Capital Market Commission has temporarily suspended all licences issued to AAS Balva.