End claims culture
Britain's most senior judge have called for an end to "compensation culture" in a landmark ruling which decreed that individuals must take responsibility for their actions. ...
End claims culture
Britain's most senior judge have called for an end to "compensation culture" in a landmark ruling which decreed that individuals must take responsibility for their actions. The Appellate Committee of the House of Lords said Britain's increasingly litigious society was interfering with civil liberties. The Law Lords warned that the level of cash compensation claims had reached excessive levels.
Regional PI plan
Lloyd's insurer Beazley announced plans to underwrite UK professional indemnity for regional brokers. The scheme will be led by Marcus Hearn Underwriting.
SVB syndicate 1007 active underwriter Mark Wheeler has resigned.
Max Re income hike
Bermudian reinsurer Max Re has revealed it generated net income of $45.4m (£28m) in the first half of 2003. The reinsurer said its performance was boosted by its decision to focus on traditional property and casualty business.
Partner Re Q2 boost
Bermudian reinsurer Partner Re has revealed it boosted its profits by 83% in the second quarter, generating a $121.9m (£75.2m) surplus. Partner Re posted a 47.5% hike in gross written premiums (GWP) for the quarter to $837.3m (£520m). The results mean the reinsurer's GWP for the first half of 2003 rest at $2.1bn (£1.3bn).
GE sells FGIC
General Electric has sold its bond insurance arm, Financial Guaranty Insurance Company (FGIC), for $1.9bn (£1.2bn) to a group of investors.
Intermediary Opus Holdings has finalised the £6.5m refinancing of its business. The financial advisory business said the backing will aid "good organic growth in the year ahead", and secures its ambition to expand the business over the next three years.
Pinnacle Insurance is to enter the card protection insurance market. Announcing the move, Pinnacle said it has already secured its first client, Allied Irish Bank.
Benfield in China
Broker Benfield has opened a representative office in Shanghai, China.
PRI's Peter Matson has resigned as chief underwriting officer, following the insurer's takeover by Brit. Matson will formally leave the company on 30 September. A PRI statement described his resignation as "entirely amicable".
Ann Foster has been named as the new chairman of the Financial Services Consumer Panel (FSCP), after incumbent Colin Brown took up a senior post at the OFT.
BBB buys broker
Berkeley Berry Birch (BBB) has acquired broker MacRobins. The deal, believed to be worth around £600,000, will see MacRobins fully integrated into BBB's structure.