FSA plans travel regime
The FSA has set out its detailed plans for regulating travel insurance sold alongside a holiday – known as Connected Travel Insurance (CTI) – mainly sold by travel firms and holiday providers. The FSA also published its new Insurance Conduct of Business sourcebook (ICOBS) which sets out the standards and requirements for general insurance firms on how they deal with their customers.
AFG nets Marketform stake
American Financial Group (AFG) acquired a 67% stake in Lloyd’s insurer Marketform Group for approximately $75m.
Direct Fleet accelerates
Direct Fleet Insurance, the first online auction-based insurance service for commercial fleet said it had already enjoyed over £500,000 of potential insurance business submitted by brokers and fleet owners.
£40m FSCS levy refund
General insurance companies will benefit from a £40m levy refund from the Financial Services Compensation Scheme (FSCS) in the new year. The FSCS said the refund reflected recoveries and the lower than expected claims volumes.
Rolfe appointed PBS chief
PBS Holdings chief operating officer Tim Rolfe has been promoted to chief executive of the company, replacing Jonathan Davey.
Oval Group has restructured its London broking operation, creating a team dedicated to placing UK risks into the London market. Oval's energy and special risks division have merged with Oval's Lloyd's broker, Oval International.
NU fined £1.2m by FSA
Norwich Union Life has been hit with a fine for £1.26m by the FSA after customers lost £3.3m through identity fraud.