Latest News – Page 2016
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KPMG survey on FSA's principles-based regulations
Initial results of a KPMG report on insurers' attitudes towards the FSA's more principles-based regulation (MPBR) initiative revealed that firms believe that MPBR will reduce their regulatory burden (67%) and result in operational and cost efficiencies (56%). However, nearly half the insurers surveyed were concerned that MPBR will lead ...
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Miller boosts reinsurance team
Glyn Hall has joined Miller as director of its reinsurance team. Hall joins from JLT Re.James Geffen, board director at Miller commented: "We are delighted to welcome Glyn to our growing reinsurance team. Glyn's breadth of expertise in sectors such as retrocession, onshore energy and construction and engineering for both ...
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Munich Re, UniCredit cooperation extended to CEE region
Munich Re, ERGO Insurance Group and Italian UniCredit have agreed to extend the existing cooperation in Germany, Austria and Poland to further growth markets in the Central and Eastern Europe (CEE) region. The focus of the cooperation is on developing the distribution of ERGO's life and non-life insurance products through ...
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Brokers may need authorisation, warns DAS
Brokers who refer personal injury claims to local solicitors must now be authorised by the Ministry of Justice (formerly the Department of Constitutional Affairs), according to DAS. From 23 April it became an offence to offer claims management services without prior authorisation, exemption or waiver. Those found operating without ...
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Converium welcomes SCOR's revised offer
Converium's board has unanimously welcomed a revised offer from French reinsurer SCOR, and has encouraged all shareholders to accept the offer. Under the new terms, each Converium share may be exchanged for 0.5 new SCOR shares plus CHF 5.5 in cash and further foresees that the consideration will not be ...
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New measures to enhance London's global competitiveness
The Chancellor of the Exchequer, Gordon Brown, and the City Minister, Ed Balls, met yesterday with members of the High-Level Group on Financial Services to discuss new measures to enhance the global competitiveness of London and the UK-based financial sector. The group considered a number of proposals including plans to ...
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Features
Top insurance brokers: Wales
Insurance Times, brought together the Welsh broking elite to reward the region's best brokers
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News
UKGI members to double to 500 in 12 months
Broker support network UKGI is aiming to double its membership to 500 within the next 12 months.The move comes amid heightened interest in network membership from brokers.Mike Williams, UKGI's former operations director, will replace Shaun Godfrey as managing director of UKGI. Williams told Insurance Times that UKGI aimed to capture ...
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News
Beazley to fight investors' £1.5m compensation claim
Beazley has turned to the High Court in a bid to escape paying compensation to 27 investors who lost money after being misled by their financial adviser.Alternate Insurance Services was ordered to pay compensation of more than £1.5m after investors lost money in schemes which turned out to be high ...
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News
DAS to set up law firm
DAS is poised to set up its own law firm in anticipation of the Legal Services Bill becoming law.The legal expenses insurer has set up an association with a small independent law firm, enabling all IT, synergy and communication requirements to be put in place.The identity of the law firm ...
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News
IASB proposals may lure investors
New accounting proposals, designed to clarify insurance financial reports, may result in more investment into the industry, experts said. The proposals, put forward by the International Account-ing Standards Board (IASB), aim to improve the quality, transparency and comparability of financial reporting in the insurance industry.Alex Finn, a partner at PricewaterhouseCoopers ...
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News
Crisis plan demand over kidnapping rise
Aon has called on companies to implement crisis manage-ment plans and other measures to help prevent kidnapping, as the number of foreigners kidnapped in Nigeria rises. According to Aon, while the number of global kidnappings has dipped slightly, incidents are on the increase in Nigeria due to local militant groups' ...
