Art insurers back exhibition
Art insurers back exhibition
A major exhibition of the work of English artist Gwen John and potter Lucie Rie is being sponsored by Axa Nordstern Art Insurance. It runs at Olympia, London, from February 22-27. On the evening of February 24, also at Olympia, art critic Brian Sewell will debate the merits of the work of Gwen John, sister of Augustus, with feminist writer Germaine Greer.
Brokers raise Norwich rating
Stockbroker Salomon Smith Barney has raised its rating on Norwich Union to 2M (outperform, medium risk) from 3M (neutral, medium risk). Salomon says the 111% price/NAV ratio at Norwich Union compares with 160% a year ago "and the shares now look cheap both in the context of the strong UK life franchise and when viewed as a multi-line composite insurer".
Mott leaves CIS for more sax
David Mott, head of communications at CIS, plans to spend more time playing saxophone when he retires in March after 21 years with CIS. Mott is a Stan Getz fan and is looking forward to perfecting his version of the jazz man's saxophone.
Dimond v. Lovell delay
The long-awaited ruling on the Dimond v. Lovell appeal court case has been delayed for up to two months while the Law Lords deliberate. The original ruling found that a number of credit hire companies' contracts with policyholders had not been drawn up in accordance with the Consumer Credit Act. That meant thousands of claims from credit hire companies to
insurers have gone unpaid. A decision had previously been expected at some time this week. However, a spokeswoman for the Court of Appeal said a decision is now likely "at some point before Easter".
NatWest future clear by March
The future shape of NatWest Insurance Services will become clear at the end of the month when the parent bank is formally taken over by Royal Bank of Scotland. An RBS spokesman said it was "way too early" to know what would happen on the insurance side though the bank has announced 18,000 job losses across the group over three years. On the general insurance side, the merger brings together NatWest Insurance, Royal Bank Insurance Services and RBS's separate insurance arms Direct Line and Privilege. RBS's £20 billion offer for NatWest went unconditional on Monday.
Ex-director on fraud charges
Ex-Denis Hilton director Andrew William-Hill has been charged with fraudulent trading and was due to appear at the City of London Court yesterday (February 16). William-Hill, of London SW1, was charged on Monday, February 14 under Section 458 of the Companies Act 1985. Denis Hilton was a London market brokerage that operated a commercial lines book of business, but due to financial difficulties was put into liquidation in June 1998.
AKA chair axed
Anthony Kidd Agencies chairman Alan Kent has been made redundant by the company's new owners Cox. Cox acquired AKA 18 months ago for £14 million. Neil Utley, Cox's retail division chief executive, said: "Alan was involved in everything, from negotiating with insurers, to human resources, and marketing, but we have departments that deal with all of those things. Alan's role simply became redundant."
International law explained
Reinsurance law is explained in a new series of reports by the International Insurance Law Association (AIDA). The reports show how different aspects of reinsurance law operate in a range of jurisdictions around the globe. The titles are: The Proper Law of Reinsurance Contracts; Follow the Settlements; and What is Reinsurance?
Child charities net jubilee pay
Reinsurer ERC Frankona has raised nearly £4,000 for the Children's Promise appeal after employees donated their final hour wages of 1999. The money will fund projects for children who face abuse, have run away, are excluded from school or who live in poverty. ERC Frankona staff also raised £2,000 for Save the Children.
New jobs link for law firms
Recruitment consultancy Anakin Seal is pioneering a new service for insurance law firms, called The Link. It includes early access to candidates from member firms, recruitment needs provided at one source and tailored recruitment packages.