The stories making headlines this week
Bill
The largest UK banks – Lloyds, Barclays, RBS and HSBC – have agreed not to appeal against the High Court’s decision on payment protection insurance, and have collectively set aside provisions of £5.3bn to compensate policyholders mis-sold the product.
Gaffe
Accident manager Helphire has said it may have overstated by £25m the figure owed to it by insurers. The firm made the discovery after restructuring revealed a discrepancy between its financial and operating systems.
Spenders
Hastings chairman Neil Utley has entered the Sunday Times Rich List at equal 430th with £160m. Admiral boss Henry Engelhardt was the highest ranking insurance executive, at equal 120th with a fortune of £640m.
Mystery
Two insurers are poised to enter the solicitors’ professional indemnity market, Prime Professions boss Richard Brown has said. But which?
Deal
Ryan Specialty, the wholesale broker and underwriting agency owned by former Aon chief Pat Ryan, has seen off rival bids to acquire Lloyd’s insurer Jubilee. A Ryan spokesman said “a process that may lead to the sale of the business” had begun.
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