Regulation
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The group said proposals could do “irreparable reputational damage” to innocent parties.
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The market has advanced in sophistication but must tackle talent, tax and diversification issues.
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A thriving competitive intermediary market is what keeps London fresh.
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Sources approve of Labour’s plans around regulatory accountability.
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A total of 8% of issuers under criteria observation received negative rating actions.
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The deal will create a personal lines firm controlling £3bn in premiums.
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Bermuda liquidators had earlier objected to out-of-court agreements between parties.
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Long-term confidence in the market depends on the details of the new tax rule.
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Existing taxes could be lowered under a potential new structure.
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The agency stressed the physical impact of climate risk on companies.
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DDM is due to be removed as a core central service on 13 September.
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The LMG chair also discussed the need for tailored regulations.
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The changes lift the threshold for companies reporting in the Solvency UK regime to £25mn.
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The guide was developed collaboratively by the ABI’s AI Working Group.
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The approval takes account of several out-of-court settlements.
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The end of the waiting period effectively clears the path to close in the US.
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The ratings agency said the reinsurer had a “very weak” balance sheet.
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The Lloyd’s chair warned that clients, capital and talent “will not wait”.
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The watchdog says the wholesale market has “a way to go” on D&I.
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All parties interested in the case have agreed to participate in the process.
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The regulator is calling for comments on the deal by 13 February.
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The consultation will close on 26 April, with the PRA expecting to implement changes in Q4 2025.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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Speaking to a Treasury committee, Rathi explained that the FCA is not proposing to enforce social policy, but to provide data for firms to evaluate themselves.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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The association will also explore the impact of AI and continue its #BackToEC3 campaign this year.
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The regulatory body laid out its priorities which will focus on themes including credit, liquidity and cyber risk.
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The trade body also urged a proportionate approach to regulation of the broking sector.
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The Corporation is cracking down on LOC exposure following the Vesttoo scandal.
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Finance minister describes the activity as “widespread, repeated and continuous”.
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The provision was made as part of the Berne Financial Services Agreement signed by Chancellor Jeremy Hunt today.
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Robert O’Leary, managing executive officer at Tokio Marine Holdings, has resigned from the company.
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Under the proposal, the tax would be effective from 2025.
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An affiliate of the Chinese investment group has a 33% shareholding in the carrier.
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The rating is the market’s highest ever from S&P.
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The metrics will measure the regulators’ performance in promoting the financial sector’s competitiveness.
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The 200-year-old firm is not the only one to be caught up in watchdogs’ investigations into corruption and bribery controls.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The UK government has set out a re-energised international development agenda which has highlighted the potential for greater disaster risk financing.
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From 16 December, Next Gen will be the only platform available to quote, bind and endorse risks.
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The move will allow the Swiss carrier to continue writing UK specialty lines business beyond post-Brexit deadlines.
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Marsh cites its primary listing on the NYSE, along with the costs and administrative burdens of listing on LSE, as reasons for delisting.
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Investors are beginning to push insurers harder to deliver on diversity and inclusion, but the culture around speaking out and recruiting talent suggests new ideas or broader execution is needed.
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The proposals, published in July, would have placed additional reporting burdens on large UK firms.
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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
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The carrier has received approval from the UK Financial Conduct Authority for the £550mn sale.
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The minister stated that it is time for insurers to step up and increase their risk appetites and reduce prices in response to the reforms.