Fitch downgrades Ballantyne Re
by Gill Montia
Story link: Fitch downgrades Ballantyne Re
Fitch, the credit rating agency, has downgraded the rating of Ballantyne Re, which is registered in Ireland and was established for the limited purpose of entering into a reinsurance agreement with Scottish Re.
Under the agreement, Scottish Re ceded a block of business to Ballantyne Re, following which Ballantyne Re issued notes to finance excess […]
Holiday claimants less than honest
by Gill Montia
Story link: Holiday claimants less than honest
Direct Line has been surveying holidaymakers who have claimed on their insurance for lost, stolen or damaged items.
More than one in 10 respondents admitted to increasing the value of their claim by 5%.
Of this group, 18% justified their actions by saying that they had not previously made a claim and were therefore somehow “owed” money […]
CII President to review Ombudsman Service
by Gill Montia
Story link: CII President to review Ombudsman Service
The president of the Chartered Insurance Institute, Lord Hunt of Wirral, is to lead an independent review of the Financial Ombudsman Service (FOS).
The review will consider the openness and accessibility of the service to its customers and stakeholders.
It forms part of a programme under which the FOS board invites external scrutiny by way of three-yearly […]
Delay in access to IFA status
by Gill Montia
Story link: Delay in access to IFA status
IFA Promotions (IFAP), which promotes independent financial advice, is dissatisfied with the delay in allowing consumers full access to information on the independence or otherwise of financial advisers.
The Financial Services Authority (FSA) expects this information to be in the public domain by early 2009 but IFAP believes that it should be made available to […]
Admiral warns on motor premium rises
by Gill Montia
Story link: Admiral warns on motor premium rises
Admiral has added its voice to those predicting that car insurance premiums are likely to rise ahead of inflation in the coming year.
The insurer, which specialises in selling policies to drivers who generally pay higher premiums, has already increased motor premiums by over 5% this year.
In recent times, motor insurance has been subsidised by some […]
Brit expects dip in profit
by Gill Montia
Story link: Brit expects dip in profit
Brit Insurance, the general insurance and reinsurance company, recorded increased pre-tax profits of £106.8 million in the six months to the end of June 2007.
The result compares with pre-tax profit of £106 million for the same period of 2006, and is ahead of analysts’ expectations, despite claims activity in the first-half returning to more normal […]
AXA and AIG acquisitions
by Gill Montia
Story link: AXA and AIG acquisitions
Details of two acquisitions have been announced so far this week: AXA UK has acquired The Davis Group and AIG Europe has acquired Direct Travel Insurance Services.
AXA’s purchase of The Davis Group will strengthened its commercial business, which specialises in insurance for small and medium sized enterprises (SMEs).
It follows the group’s acquisition of Smart & […]
Steady rise in asbestos prosecutions
by Gill Montia
Story link: Steady rise in asbestos prosecutions
According to Reynolds Porter Chamberlain (RPC), the law firm, criminal prosecutions brought under the Control of Asbestos at Work Regulations 2002 reached 37 in number, in 2005/06.
The Health and Safety Executive launched the first prosecutions under the legislation in 2003/04, when seven actions were taken.
The number of cases rose to 12 in 2004/05 and increased […]
Standard Life bounces back
by Gill Montia
Story link: Standard Life bounces back
Standard Life is expected to record first-half profits of £350m this week.
The forecast is well ahead of earlier market expectations of £327m and compares with profit of £206m in the first half of 2005/06.
In the past six months the company’s investment management activities have produced a strong performance and sales of self-invested personal pensions […]
