Ratings fear
Standard & Poor's (S&P) has expressed concern over the knock-on effects of US federal terrorism cover on the insurance industry.
The ratings agency said the introduction of fed …
Ratings fear
Standard & Poor's (S&P) has expressed concern over the knock-on effects of US federal terrorism cover on the insurance industry.
The ratings agency said the introduction of federal terrorism cover could tempt insurers into taking on exposure irresponsibly and could adversely affect ratings.
"The concern is some insurers could use federal backing as a crutch," said S&P's Fred Loeloff.
While the agency backs government-backstop
legislation, it said its importance to insurers had diminished because carriers had reduced their exposure to terror events.
Brit buy-out
Brit has bought the 2.22% of capacity on its Syndicate 2987 remaining in private hands, bringing its ownership up to 100%.
The investment cost £1.5m and means that the group owns 100% of its both main underwriting vehicles.
The other firm is Brit Insurance.
The company has spent two years increasing its share in the syndicate at an average cost of 3.4p per £1 of capacity.
Total Objects chief
Total Objects has appointed Peter Presland as its new chairman.
Presland was previously based at Io Risk Solutions where he built a portfolio of interests.
Total Objects managing director Jim Barry said:
"It is difficult to imagine a more appropriate CV for our chairman than Presland."
FSA panel posts
The FSA has announced that Colin Brown has been re-appointed as chairman of the Financial Services Consumer Panel until March 2004.
At the same time, Ann Foster's term as vice-chairman of the panel was extended until 31 March 2004.
The FSA also announced she would take over as chairman of the panel from 1 April 2004 until 31 March 2006.
