News In Brief

DCC sued over Fyffes
Hibernian Investment Managers and Eagle Star Life Assurance have started legal proceedings against Development Capital Corporation (DCC) its chief executive and two other companies. It is alleged that DCC's Jim Flavin was in possession of price sensitive information on the trading of Fyffes and that he took advantage of this information to sell shares in the company in February 2000. Eagle Star and Hibernian are claiming compensation after buying shares in February 2000.

Irish Names move out
There are now just over 40 Lloyd's Names in Ireland; half the number that invested in the market in 1998. A series of unprofitable years has encouraged wealthy individuals to invest their money elsewhere.

Enron blamed for PI hike
Professional indemnity (PI) cover for accountants is set to rise by 60% in the wake of the Enron scandal, it has emerged. Market sources say the rise is due to a combination of fears over increasing risks and also the potential of the Enron affair to soak up PI reserves.

Hibs announces sales rise
Hibernian's new business sales rose 26% due to strong growth in life and pensions sectors. The company said pension sales were particularly buoyant with single premium pension sales doubling to €227m (£138m). Hibernian's Celebration Bond also sold well with premiums rising from €253m (£154m) to €411m (£250m).

IBA membership vote
The Irish Brokers' Association (IBA) has voted for restricted intermediaries to remain as members of the association. Last April the IBA voted for only authorised advisers, who advise on a wide range of products, to be allowed membership.

Pressure on mobile thefts
More than 2,000 mobile phones are lost or stolen each week, according to mobile phone operators. Pressure is building on manufacturers to provide ways of deactivating stolen handsets.

O'Hanlon to quit Allianz
Allianz Ireland chief executive John O'Hanlon is set to leave the company on 4 April to pursue other interests. O'Hanlon has been with the company for 15 years, and for 12 of them chief executive.

Equal status for drivers
Motor insurance premiums will be investigated under the Equal Status Act. Introduced to stop discrimination, the Act is being used to try and stop insurers from charging large premiums for young drivers.