The Financial Services Authority (FSA), Office of Fair Trading (OFT) and Financial Ombudsman Service (FOS) are proposing to set up a consumer protection committee. In a discussion paper, the watchdogs state: “A key element in rebuilding consumer confidence in financial services is that firms carrying out activities regulated by the FSA and/or licensed by the OFT should treat complainants fairly.” The proposed new body would therefore... 

Cadwalader, Wickersham & Taft LLP has announced the appointment of Jennifer Donohue as a partner in the Corporate Department of the London office. Donohue was formerly the head of the Insurance & Reinsurance Group at Simmons & Simmons, and brings with her a tremendous range of knowledge and expertise. Earlier in her career she worked for Her Majesty’s Government as a senior legal adviser in the UK and Brussels, and qualified as... 

According to new research from Aviva, the torrid weather of winter has fuelled an understandable desire to holiday abroad. However, the insurer has discovered that, worryingly, the ongoing economic difficulty and consumer belt-tightening has led 31% of would-be travellers to state they intend to skip taking out travel insurance or were considering going without it. Sixty-two percent of travellers have said they intend to set careful limits on daily... 

Munich Re has reported that it made a net income for 2009 of €2.56bn, an improvement of two-thirds on 2008 when €1.58bn was made. However, the firm has yet to match the record €3.9bn profit made during 2007, before the full impact of the financial crisis struck. The firm has also expressed its confidence regarding 2010, and predicted that profits will remain over the €2bn threshold. Chairman Nikolaus von Bomhard has stated that the firm’s... 

International insurance and reinsurance group Brit Insurance has announced the establishment of its new office in Australia, replacing its previous third party agreement. The new office is situated in Sydney’s financial district, and will offer local representative services for the firm’s reinsurance activities. At the same time, Brit has announced the appointment of Mike Davidson as MD in Sydney, a post he occupies with immediate effect.... 

Over 50s specialist, Saga, has revealed that the average annual vet bill for the UK’s cat and dog owners has risen by 53% since 2007, to £598. With costs increasing at twice the rate of inflation, the North West has emerged as the most expensive region in which face a trip to the vets. The average annual bill in the area…  Read More →

International general insurance and reinsurance group Brit Insurance has announced the appointment of Bill Jackson as senior VP of Property Direct and Facultative for its US operations. He brings with him over three decades of re/insurance experience, and extensive knowledge of underwriting, management and marketing. He joins Brit from Burt and Scheld, where he worked as senior underwriter in the facultative unit. Jackson assumes the newly created... 

European insurer and reinsurer Glacier Group has released its financial performance figures for 2009. Net income for the year was more than double that of 2008, rising by $34m to $60m, with return on equity rising from 5% to 12%. Total gross written premiums declined by $100m to $469m, a fall that occurred due to Glacier’s decision to reduce volumes and focus upon the core insurance and reinsurance business lines. Net underwriting income... 

Prudential is accelerating its plans to list on the Hong Kong Stock Exchange. The insurer has recently agreed terms with American International Group (AIG) to acquire AIA, the Asian business of the embattled US insurance giant, for $35 billion in cash and shares. Once the sale was agreed, AIG decided not to pursue an initial public offering (IPO) of AIA on the Hong Kong Stock Exchange Meanwhile, Prudential is planning a rights issue to help fund... 

Parliament today looked at a new, faster process for those injured in road traffic accidents to receive compensation. Under the new proposals there would be fixed stages and costs and deadlines for the claimants’ and defendants’ solicitors. Compensation sums between £1,000 and £10,000 would be covered, (claims of this size have previously comprised the majority of road traffic accident compensation payouts). The new scheme has been put forward... 

American International Group, Inc. has announced it has signed a definitive agreement to sell off American Life Insurance Company (ALICO). ALICO will be sold to to MetLife, Inc. in a deal worth approximately $15.5bn, of which $6.8bn will be cash with the remainder made up of equity securities in MetLife. Chairman of the AIG Board of Directors Harvey Golub has described the sale of ALICO as an important step in AIG’s ongoing repayment of funds... 

American International Group, Inc. (AIG) has announced it plans to sell its remaining shares in Transatlantic Holdings, Inc. (TRH). The shares are owned by American Home Assurance Company (AHAC), one of AIG’s subsidiaries. AHAC intends to try and sell the shares on 9 March or earlier, when TRH will join the S&P Midcap 400 Index. The 9,192,662 common shares owned by AHAC comprise approximately 13.8% of TRH’s total shares. Ever since... 

RSA is convinced that economic recovery is on its way and warning UK manufacturing businesses to check out their insurance cover as orders increase. Since mid-2007, orders have decreased significantly, resulting in substantial job cuts and site closures. However, new figures from manufacturers’ organisation, EEF, show growth in both output and orders, and the insurer has identified risks that could be facing companies that have downsized... 

THB Clowes, the motorsport insurance specialist, has launched a new online quote system. The new system, On-Track, gives professionals and amateurs a quick and easy way to change their on-track insurance coverage. Managing Director Karen Ellis has expressed the firm’s pride at its intimate relationship with the motorsport business, and said that the firm has developed and continues to develop new products and services to cater to the needs... 

Insurance broker and risk adviser Marsh has announced the appointment of Phil Angus to lead the Financial and Professional (FINPRO) National business in the Northern Region. Angus formerly led Marsh’s insurance broking operations on the Isle of Man, a post he held for five years before his new appointment. Angus will be based in Manchester and supervise the strategic development and client services of FINPRO in the North. FINPRO National...