United Kingdom News

UK’s Regulator Criticizes Insurers for Failures in Handling Claims for SMEs

The UK’s Financial Conduct Authority criticized the insurance industry for “poor practices” and “significant” failures in handling claims for small and medium-sized enterprises (SMEs). The regulator said a review of the experiences of business customers showed more dissatisfaction with insurers than a …

Reid to Become CEO of UK Retail at Arthur J. Gallagher

Arthur J. Gallagher announced that Stuart Reid will join Arthur J. Gallagher’s international brokerage operation as CEO for UK Retail. Reid will take up the position at Arthur J. Gallagher later this year, subject to regulatory approval, and will use …

Court Dismisses U.S. Suit Against BP Executives, Directs Investors to File in UK

Current and former BP executives and directors won dismissal last week of one of several U.S.-shareholder lawsuits filed over last year’s Gulf of Mexico oil spill. A federal court in Houston on Sept. 15 said it was more appropriate that …

Shell Faces First Nigerian Oil Spill Claims in UK

Royal Dutch Shell has agreed that a Nigerian community impacted by its oil spills can seek compensation in a British court, lawyers in the case have said, potentially opening itself up to bigger future financial and reputational damages. Shell said …

UK: Don’t Let Insurance Rules Spoil Royal Wedding Parties

British Prime Minister David Cameron has urged local authorities not to use bureaucratic rules to prevent street parties celebrating the April 29 royal wedding. Cameron said civic councils should not block plans for parties by imposing rules requiring licenses, insurance …

Firms Vulnerable In Corrupt Practices Crackdown

Authorities have been escalating their campaign against corruption in the last few years, resulting in a sharp spike in enforcement actions in the United States and the enactment of a new anti-bribery law in the United Kingdom. For years, the …

Ironshore Forms Dublin Subsidiary; Marry Named as CEO

Bermuda-based Ironshore Inc announced the formation of Ironshore Europe Limited, domiciled in Dublin, Ireland. Fiona Marry has been appointed as CEO of the new insurer. She will report to the Ironshore Europe Limited Board chaired by Mark Wheeler, who also …

Reinsurance Renewal Rates On the Decline, Reports Claim

Reinsurance rates for 2011 are falling at the same or greater pace than traditional insurers and further softening of the market is to come, according to two industry reports. For the second year in a row, global reinsurance property catastrophe …

France’s SCOR Group Launches Global Risk Center

French reinsurer SCOR Group has launched the SCOR Global Risk Center, as part of the Group’s strategic plan for 2010-2013, “Strong Momentum”, and is in line with its long-term commitments. The bulletin noted that “SCOR has already developed several partnerships …

S&P Withdraws GenRe UK’s Ratings After Restructuring

Standard & Poor’s Ratings Services has withdrawn its ‘AA+’ counterparty credit and financial strength ratings on General Reinsurance UK Ltd. (GRUK). “This rating action follows the transfer of all assets and liabilities of GRUK to an affiliate, the U.K. branch …