Latest Uk Headlines
All the headlines from our Uk Topic Page, ordered by recency.
New Mexico Judge Upholds Lloyd’s Claims Against “Names”
Oct 15 2002 // Judge Lorenzo Garcia of the U.S. District Court in Albuquerque New Mexico has upheld the ruling of a U.K. court in favor of Lloyd’s claims for a total of $2.8 million from six American investors, or...
EU Report Indicates U.K. Gov’t. May Not Have Properly Audited Lloyd’s
Oct 4 2002 // A preliminary draft of a report prepared for the European Commission apparently indicates that U.K. regulators failed to adhere to European Community regulations in auditing and oversight of Lloyd’s of...
FSA Sets Out Goals for U.K. Insurance Industry Regulation
Oct 1 2002 // The U.K.’s Financial Services Authority, which assumed regulatory control of the country’s insurers a year ago, issued a bulletin stating that its goals were to create more openness with regulators and...
Great Britain to Expand ‘Pool Re’ Scheme
Jul 24 2002 // Great Britain reportedly will increase a scheme to insure businesses against terror attacks to include nuclear and biological warfare or a repeat of those on Sept. 11, according to a Reuters report. Presently known as...
A.M. Best Affirms Rating of UIA
Jul 18 2002 // A.M. Best Co. affirmed the financial strength rating of “A-” (Excellent) of UIA (Insurance) Limited, United Kingdom. The company’s excellent level of surplus and its niche position in the U.K. household...
Standard and Poor’s Withdraws Gulf Co. U.K. Ltd. ‘AA-‘ Ratings
Jul 16 2002 // Toronto-based Kingsway Financial Services Inc. has obtained approval from the Financial Services Commission of Ontario (FSCO) to implement increased rates and to eliminate certain rating classes for Private Passenger...
India’s WNS Acquires U.K. Claims Management Service Co.
Jul 10 2002 // India’s WNS (Holding) Ltd., one of a number of companies on the sub-continent which specialize in providing back office services, will acquire the U.K.’s Town & Country Assistance, an insurance claims...
U.K. Asbestos Losses Estimated at $1.75 Billion
Jun 20 2002 // A study by the London office of Credit Suisse First Boston reports that claims from asbestos related illnesses are expected to cost U.K. insurers around $1.75 billion over the next 40 years. The estimate takes into account...
Zurich Launches U.K. Private Client Unit
Jun 18 2002 // Zurich Financial Services recently entered the UK “private client” market with a program designed to appeal to high net worth individuals. Zurich Private Client will cater to wealthy individuals offering them...
Report Slowdown in U.K. Auto Rate Increases
Jun 10 2002 // According to a recent study, UK automobile insurance rates are flattening out after three years of big premium increases. The report, compiled by market analyst Datamonitor, found that rates had increased 53 percent on...
$2.7 Billion PPG Asbestos Settlement Puts New Pressure on Insurers
Jun 10 2002 // A year ago insurance consultants Tillinghast-Towers Perrin published a report that global claims settlements and jury verdicts in asbestos related cases could reach $200 billion from over a million claims “before...
S&P Rates Liberty Mutual (U.K.) ‘A+’
May 31 2002 // Standard & Poor’s announced that it has assigned its single-‘A’-plus financial strength rating to Liberty Mutual Insurance Co. (UK) Ltd. (LMUK) “based on an explicit guarantee of LMUK’s...
S&P Review Finds U.K. P/C Market Stable
May 21 2002 // Standard & Poor’s has affirmed its stable outlook for the U.K.’s domestic non-life insurance industry, following a review of the financial strength characteristics, indicating that “the majority of...
U.K. High Court Decision Opens Door to Asbestos Claims
May 17 2002 // A unanimous decision by Britain’s Law Lords, the U.K.’s highest court, will permit sufferers from asbestos related diseases to file claims, even though they cannot prove with certainty, where they may have been...
AIG Denies Exposure to U.K. Asbestos Claims
May 16 2002 // Americ an International Group, Inc.. issued a statement denying reports that it has substantial asbestos exposure in the UK, which could be triggered by a pending legal decision. “AIG has virtually no substantial...
AXA to Cut 700-1000 Jobs in U.K. P/C Unit Restructuring
May 15 2002 // France’s AXA announced plans to undertake a wholesale restructuring of its p/c operations in the U.K. which will eventually involve the loss of between 700 and 1000 jobs. The job cuts are aimed at stopping the losses...
Royal Sun Sells U.K. Asset Management Business
May 1 2002 // The U.K.’s Royal & Sun Alliance finally achieved at least one of its goals with the announcement that it has agreed to sell its asset management business to Friends Ivory & Sime, a financial group that is...
Prudential U.K. Chairman Hurn Resigns
Apr 25 2002 // Sir Roger Hurn abruptly announced that he would step down as Chairman of the U.K.’s Prudential, amid controversy over his leadership of Marconi, the troubled U.K. telecommunications company, which he headed until...
U.K. Insurers Still Face Sept. 11 Threat
Apr 2 2002 // Although UK insurers have so far weathered the losses from the Sept. 11 attacks, some may still face the threat of financial failure and ultimately liquidation, according to an article in London’s Financial...
U.K. Insurers Fear Big Losses as Storm Ravages Country
Jan 30 2002 // A violent storm sweeping in off the North Sea over the weekend has left a trail of devastation in Northern England, Wales and Scotland. With wind gusts reaching 120 mph. The storm caused the deaths of 7 persons, halted...
