AIG bid-rigging settlement
AIG has settled with the Pennsylvania Insurance Department for $13.5m over bid-rigging and false financial information allegations. The payments relate to the department's investigation into financial misreporting involving AIG’s alleged false reinsurance deal with General Re Corp.
K-nect system launched
Kaupthing Singer & Friedlander Premium Finance has launched a new trading system, called K-nect.
CCV buys Berkeley Alexander
Cullum Capital Ventures (CCV) has announced its latest acquisition – the purchase of Sussex-based Berkeley Alexander. Berkeley Alexander controls gross written premiums of over £10m and specialises in the wholesale of general insurance products to the mortgage broker and IFA sectors through a base of 6,500 agents across the UK.
Oval wins court pay-out
Oval has been granted a substantial six-figure pay-out following its successful court proceedings against Leicester broker Berkeley Burke, as revealed by Insurance Times in February. In a statement Oval said four former employees joined Berkeley Burke from Oval’s Luton office, taking with them a number of Oval’s clients with without consent.