Slow start for Highway
Highway Insurance has cited a competitive UK motor insurance market and difficult trading conditions for its slow start to 2008. On Tuesday the personal lines insurer published an interim management and AGM statement that said: “We are currently budgeting gross written premium to end the year at a similar level to that achieved in 2007.”
Ferma warns captives
Captive insurance companies could face extinction due to Solvency II, the Federation of European Risk Management Associations (Ferma) has warned. Ferma executive board member Thierry Van Santen said the main purpose of the new European wide regulation was consumer protection, which does not apply to captives. He urged Ferma members and captives to participate in a study on the impending regulatory regime now underway by the Committee of European Insurance and Occupational Pensions Supervisors.