EU plan on rating agencies
Rating agencies could be regulated under a European Commission proposal. The plan would stop the agencies providing advisory services or rating financial instruments if they did not have sufficient information. They would also have to disclose methodologies and key assumptions and publish an annual transparency report. The European parliament will vote on the plan on 22 April.
CCV buys Midlands broker
CCV, the acquisition vehicle owned by Peter Cullum, Towergate’s executive chairman, has acquired Tamworth-based Brian Potter & Associates – its 36th acquisition in two-and-a-half years. Potter controls gross written premium of more than £2m, taking CCV’s total to £240m.
Chubb unveils law package
Chubb has launched a property and casualty package for law firms. MasterPackage Law, which offers an unlimited indemnity period for business interruption, includes more than 20 enhancements to the insurer’s commercial policy, MasterPackage.
LV in road link with Asda
LV= has agreed a partnership with supermarket Asda in which the insurer’s Britannia Rescue arm will provide road rescue products to Asda customers for an initial three years.
Exchange goes under
Exchange Insurance Company has gone into administration following a huge rise in claims in the property market. The property bond insurer is in the hands of administrator Begbies Traynor and a refinancing deal is expected soon. It has a maximum exposure of between £25m and £30m if all bonds are claimed.