All Online only articles – Page 762
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Converium CEO and CFO to resign by end of year
Converium chief executive Inga Beale and chief financial officer Paolo De Martin are to resign at the end of 2007.Both will play an active role in the merger of Converium into SCOR should the French reinsurer's latest share offer be accepted by Converium's shareholders, before departing at the end of ...
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Xbroker changes broker quote system
Xbroker, from Moorhouse Group, plans to add retail to its product portfolio and reengineer the system to better suit brokers' needs. The new retail product, which will be rolled out by the end of the month, will be underwritten by NIG and Zurich. Additionally the Xbroker system now includes the ...
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Attorney general announces national anti-fraud strategy
Lord Goldsmith said the government was planning to establish a National Fraud Research Centre...
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Lead underwriter to leave AEGIS London
Nick Rnjak, the lead power underwriter with AEGIS Energy Syndicate 1225, is leaving the company.In a statement the company said that Mr Rnjak, who has been with AEGIS since late 2004, "has played a significant role in the syndicate's development." AEGIS will announce Mr Rnjak's successor in the near future. ...
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Product recall threat to wine sales
Aon's soon-to-be released report entitled ‘Vine to Wine' underscores the growing importance for businesses to take up product recall insurance.
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Imarket transactions rocket
Imarket transactions have rocketed by 44% in just a month as new insurers join and an increasing number of products populate the electronic trading portal, the company behind the system has claimed.Transactions have risen from 30,000 in February to 43,000 for March, signalling Imarket's increasing popularity among brokers, according to ...
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KPMG survey on FSA's principles-based regulations
Initial results of a KPMG report on insurers' attitudes towards the FSA's more principles-based regulation (MPBR) initiative revealed that firms believe that MPBR will reduce their regulatory burden (67%) and result in operational and cost efficiencies (56%). However, nearly half the insurers surveyed were concerned that MPBR will lead ...
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Insurers must invest in fraud detection technology
Aron Thompson, head of insurance at uSwitch.com, has urged insurers to invest heavily in new technology to investigate fraud effectively...
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Converium welcomes SCOR's revised offer
Converium's board has unanimously welcomed a revised offer from French reinsurer SCOR, and has encouraged all shareholders to accept the offer. Under the new terms, each Converium share may be exchanged for 0.5 new SCOR shares plus CHF 5.5 in cash and further foresees that the consideration will not be ...
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New measures to enhance London's global competitiveness
The Chancellor of the Exchequer, Gordon Brown, and the City Minister, Ed Balls, met yesterday with members of the High-Level Group on Financial Services to discuss new measures to enhance the global competitiveness of London and the UK-based financial sector. The group considered a number of proposals including plans to ...
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Munich Re, UniCredit cooperation extended to CEE region
Munich Re, ERGO Insurance Group and Italian UniCredit have agreed to extend the existing cooperation in Germany, Austria and Poland to further growth markets in the Central and Eastern Europe (CEE) region. The focus of the cooperation is on developing the distribution of ERGO's life and non-life insurance products through ...
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Miller boosts reinsurance team
Glyn Hall has joined Miller as director of its reinsurance team. Hall joins from JLT Re.James Geffen, board director at Miller commented: "We are delighted to welcome Glyn to our growing reinsurance team. Glyn's breadth of expertise in sectors such as retrocession, onshore energy and construction and engineering for both ...
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Brokers may need authorisation, warns DAS
Brokers who refer personal injury claims to local solicitors must now be authorised by the Ministry of Justice (formerly the Department of Constitutional Affairs), according to DAS. From 23 April it became an offence to offer claims management services without prior authorisation, exemption or waiver. Those found operating without ...
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Agreement reached on medical agency fees
Medical reporting organisations and insurers have reached an agreement that should put an end to disagreements about the recoverability of medial agency fees...
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Provident sells motor business for £170m
Provident Financial has confirmed the sale of its motor insurance business to a subsidiary of GMAC Insurance...
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NU targets top 10 with HSBC venture
HSBC Bank and Aviva have announced plans for the creation of a joint venture, under the "HSBC Insurance" brand, that aims to be a top-10 player in the UK general insurance industry. Under the terms of the planned joint venture, HSBC Bank and Norwich Union Insurance, the UK general ...
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FSA must hit hard to ensure TCF standards
Which? magazine has urged the Financial Services Authority to come down hard on those companies failing to implement adequate Treating Customers Fairly provisions, following the release of the FSA's report into the progress made by financial companies in implementing processes for TCF. Dominic Lindley, personal finance campaigner, Which?, said: “The ...
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Heritage considering syndicate merger
Heritage Managing Agency is considering a potential merger of Syndicate 1200 (Worldwide property) and 3245 (non US liability), both of which are managed by Heritage. Syndicate 1200 has capacity for 2007 of £260m which is owned 48% by Heritage and 3245 has capacity for 2007 of £55m 27% owned by ...
