The U.K.’s Financial Services Authority (FSA) announced that it is consulting on rules to be introduced in the country to cover, “a new fit-for-purpose regime for Insurance Special Purpose Vehicles (ISPVs). The proposals form part of a wider consultation on …
Economies of scale still have a powerful influence on markets. U.K.-based RI3K, which has pioneered and implemented one of the London market’s most successful electronic trading platforms, underlined that fact with its announcement that, “due to a dramatically changed landscape,” …
International P/C insurer and reinsurer Catlin Group Limited, has formed a crisis management underwriting team that will write product recall and kidnap and ransom (K&R) coverages, effective 1 July 2006. Catlin’s origins are in the U.K., but it is headquartered …
Lloyd’s Chairman, Lord Peter Levene, described a bright future, but one that needs work to be achieved, for those attending the 2006 conference of the Association of Lloyd’s Members (ALM) last week. He stressed three major areas of concentration, where …
In a breakthrough move, Aon U.K., announced that it “will move to a full electronic trading capability during 2006 for its specialist insurance and reinsurance businesses.” Aon’s London-based operation plans to phase in electronic trading gradually. It “will begin to …
ACE European Group announced that it is offering an extensive and affordable environmental liability cover specifically for smaller and mid-sized private and corporate businesses, as part of its existing liability and commercial package insurance programs. The bulletin described ACE’s new …
The Boston-based Liberty Mutual Group plans to enter the Turkish market with the purchase of a majority stake in Seker Sigorta A.S. Liberty Mutual signed an agreement on June 16 with Sert Holding A.S. for the acquisition of a majority …
A.M. Best Co. has assigned a financial strength rating (FSR) of “A-” (Excellent) and an issuer credit rating (ICR) of “a-” to Novae Insurance Company Limited (NICL), a newly formed insurer based in the U.K. The outlook is stable. In …
The Association of British Insurers has criticized government proposals concerning payments to claimants who suffer from mesothelioma, a lung disease caused by the inhalation of asbestos fibers. The legislation is part of a Compensation Bill aimed at mitigating the effect …
The U.K.’s Hiscox plc, a leading specialist insurer, operating in the Lloyd’s market, Bermuda and the U.S. said it “will give the following update at its Annual General Meeting,” scheduled to be held today, June 21. The Group’s gross written …
