The Australian financial regulator has written to the FSA over the conduct of Faraday Group chief executive Milan Vukelic.

The Australian Prudential Regulation Authority (APRA) banned Vukelic from certain general insurance activities in Australia.

Vukelic was found to have improperly boosted Australian insurer FAI's 1997/98 profit and loss.

APRA said Vukelic was employed by the General Re (GR) group of reinsurers and was involved in the implementation of a financial reinsurance transaction with FAI.

It said that the arrangement was disguised as a number of traditional reinsurance transactions with certain risks removed through side letters.

Faraday is a member of the GR group, a wholly-owned subsidiary of Berkshire Hathaway.

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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