Insolvency
FSCS pays out £160m for failed insurers in 2023/24
The Financial Services Compensation Scheme paid out £423m in compensation to customers during 2023/24, with £160m of that going to customers of failed insurers – less than it had predicted.
Invoice insurtech Nimbla enters voluntary liquidation
Invoice insurtech startup Nimbla has appointed two voluntary liquidators from Leonard Curtis.
Rokstone’s D&O head says there is less ‘moronic’ underwriting
Directors’ and officers’ insurance rates are set to flatten in the next 12 months, according to Jimmy Heaton, head of D&O for UK & Europe at Rokstone, who added there is now less moronic underwriting going on in the market than there was at the end of…
Insurers are financially steady but shaky at articulating risks
Analysis of Solvency II reporting of 100 of the largest non-life UK and Ireland insurers showed the financial strength of the market remains strong but providers need to up their game on articulating operational risks.
Top 75 MGAs: ICW Insurance Services
With offices in London, Belfast and South Shields, ICW’s links with mortgage lenders have made it one of the UK’s prominent providers of building warranties and building control.
PRA to undertake general insurance stress test in 2025
In a statement released today, the Prudential Regulation Authority has revealed its intention to run a “dynamic general insurance stress test” some time in 2025.
Bank to gain power to intercede as insurers collapse
The UK government has announced plans to establish a dedicated regime to deal with the failure of insurance companies.
Is litigation liability insurance now essential for executives?
As periods of financial distress can often lead to increased instances of non-performance of contract obligations, Edmund Tirbutt examines whether litigation liability insurance could be set for a boom.
Is it time to start lobbying the government to help insure SMEs?
News editor's view: Despite business insolvencies increasing year-on-year, SMEs are still not taking out insurance and, when they do, they often remain underinsured. Is it time for the government to step in?
How a Supreme Court ruling could cause surge in claims against directors
Ben Gold, partner in RPC’s professional and financial risk team, explains how a recent Supreme Court case (BTI v Sequana) confirms company directors owe a duty to creditors if the company nears balance sheet or cash flow insolvency.
A smooth exit strategy is essential should things go south, says PRA
Shoib Khan, director of insurance supervision at the Prudential Regulatory Authority, warned that businesses and senior management must be ready to pull the plug on writing new business before things get too messy should market conditions become too…
Insurtechs send Chancellor ‘thank you’ letter after HSBC rescue of SVB UK
The UK insurtech sector has praised HSBC’s acquisition of the UK arm of Silicon Valley Bank, following its collapse on 10 March.
PRA stress tests raise concerns about reliance on reinsurers
The Prudential Regulation Authority intends to assess reinsurance risks that could threaten the financial stability of some general insurers later this year.
Why ditching Solvency II could be bad for insurers
Editor's opinion: With Prime Minister Rishi Sunak looking to revise the Solvency II rules, are insurers about to find out they have to be careful what they wish for?
Government sides with insurers over PRA
Chancellor Jeremy Hunt’s first Autumn Statement delivered the tax hikes and spending cuts that were widely expected as well as the Solvency II overhaul insurers had long hoped for.
Interview: John O’Roarke and Ronan McCann, HF (formerly Horwich Farrelly)
Having overseen a name change from Horwich Farrelly, CEO Ronan McCann and chairman John O’Roarke explain how the rebranded HF is shaping up for a future of diversification, M&A and staff ownership as it looks to become the Admiral of the legal sector.
Q&A: Sarah Murrow, Allianz Trade
Allianz Trade UK & Ireland CEO Sarah Murrow speaks to Post about her first year at the helm, dropping the Euler Hermes name, and the role that credit insurance can play as a post-Covid-19 growth tool.
Spotlight: Surety Bonds - The importance of bonds and guarantees and their effect on the UK construction market
Uncertainty is difficult to navigate for many companies and, in the face of several ongoing and escalating challenges, Edward Murray finds the construction sector is leaning more on the use of surety bonds to create certainty in turbulent times.
Cost of Gable collapse to FSCS hits £78m
The cost of the 2016 collapse of unrated insurer Gable to the UK’s Financial Services Compensation Scheme surpassed £78m at the end of last year, a liquidators’ report has revealed.
Analysis: Unstable firms are falling off the Rock
Post looks at a series of insurer failures in Gibraltar – and asks what the future will look like for existing and new entrants.
Tokio Marine voids 'fraudulently obtained' Greensill policies
Tokio Marine has accused Greensill of fraudulently obtaining insurance policies and said it will “vigorously defend any claims against it” under the policies it has now voided.