Latest Uk Headlines
All the headlines from our Uk Topic Page, ordered by recency.
U.K. Asbestos Losses Estimated at $1.75 Billion
Jun 20 2002 // A study by the London office of Credit Suisse First Boston reports that claims from asbestos related illnesses are expected to cost U.K. insurers around $1.75 billion over the next 40 years. The estimate takes into account...
Zurich Launches U.K. Private Client Unit
Jun 18 2002 // Zurich Financial Services recently entered the UK “private client” market with a program designed to appeal to high net worth individuals. Zurich Private Client will cater to wealthy individuals offering them...
Report Slowdown in U.K. Auto Rate Increases
Jun 10 2002 // According to a recent study, UK automobile insurance rates are flattening out after three years of big premium increases. The report, compiled by market analyst Datamonitor, found that rates had increased 53 percent on...
$2.7 Billion PPG Asbestos Settlement Puts New Pressure on Insurers
Jun 10 2002 // A year ago insurance consultants Tillinghast-Towers Perrin published a report that global claims settlements and jury verdicts in asbestos related cases could reach $200 billion from over a million claims “before...
S&P Rates Liberty Mutual (U.K.) ‘A+’
May 31 2002 // Standard & Poor’s announced that it has assigned its single-‘A’-plus financial strength rating to Liberty Mutual Insurance Co. (UK) Ltd. (LMUK) “based on an explicit guarantee of LMUK’s...
S&P Review Finds U.K. P/C Market Stable
May 21 2002 // Standard & Poor’s has affirmed its stable outlook for the U.K.’s domestic non-life insurance industry, following a review of the financial strength characteristics, indicating that “the majority of...
U.K. High Court Decision Opens Door to Asbestos Claims
May 17 2002 // A unanimous decision by Britain’s Law Lords, the U.K.’s highest court, will permit sufferers from asbestos related diseases to file claims, even though they cannot prove with certainty, where they may have been...
AIG Denies Exposure to U.K. Asbestos Claims
May 16 2002 // Americ an International Group, Inc.. issued a statement denying reports that it has substantial asbestos exposure in the UK, which could be triggered by a pending legal decision. “AIG has virtually no substantial...
AXA to Cut 700-1000 Jobs in U.K. P/C Unit Restructuring
May 15 2002 // France’s AXA announced plans to undertake a wholesale restructuring of its p/c operations in the U.K. which will eventually involve the loss of between 700 and 1000 jobs. The job cuts are aimed at stopping the losses...
Royal Sun Sells U.K. Asset Management Business
May 1 2002 // The U.K.’s Royal & Sun Alliance finally achieved at least one of its goals with the announcement that it has agreed to sell its asset management business to Friends Ivory & Sime, a financial group that is...
Prudential U.K. Chairman Hurn Resigns
Apr 25 2002 // Sir Roger Hurn abruptly announced that he would step down as Chairman of the U.K.’s Prudential, amid controversy over his leadership of Marconi, the troubled U.K. telecommunications company, which he headed until...
U.K. Insurers Still Face Sept. 11 Threat
Apr 2 2002 // Although UK insurers have so far weathered the losses from the Sept. 11 attacks, some may still face the threat of financial failure and ultimately liquidation, according to an article in London’s Financial...
U.K. Insurers Fear Big Losses as Storm Ravages Country
Jan 30 2002 // A violent storm sweeping in off the North Sea over the weekend has left a trail of devastation in Northern England, Wales and Scotland. With wind gusts reaching 120 mph. The storm caused the deaths of 7 persons, halted...
U.K. Gov’t. Extends Airline Coverage
Jan 22 2002 // After a series of meetings with airlines and the insurance industry, Britain’s Treasury Department has agreed to extend the emergency insurance program for the country’s air carriers and service providers until...
U.K. Insurers to Pay $216 Million Levy
Jan 8 2002 // The U.K.’s Financial Services Administration (FSA) will ask Britain’s general insurers to pay a levy of 0.66 percent of their premium income in order to raise £150 million ($216 million) to pay the claims...
U.K. Court Rules Against Asbestos Victims
Dec 12 2001 // The U.K.’s Court of Appeal overruled a lower court decision that allowed workers suffering from asbestos related diseases to seek damages in cases where they had worked for more than one employer, who may have caused...
FSA Moves to Strengthen Enforcement of U.K. Insurance Regulations
Dec 4 2001 // Britain’s Financial Service Authority (FSA), which officially took on broad new regulatory powers over the insurance industry on Dec.1, plans to increase its surveillance, not only by requiring enhanced and more...
Weiss Ratings Study Sees Negative Repercussions from Proposals
Nov 14 2001 // The four proposals for terrorism insurance currently under consideration will have negative repercussions for taxpayers, consumers, or both, according to Weiss Ratings Inc. Weiss analyzed plans proposed by the Bush...
Prudential U.K. Confirms $1.2 Billion Deal with Winterthur, 2,100 Job Losses Expected
Nov 5 2001 // Prudential U.K. confirmed reports which first appeared last week that it has reached an agreement to sell its general insurance business to Switzerland’s Winterthur, the insurance arm of Credit Suisse/First Boston,...
Report Prudential U.K. To Sell Non-Life Business to Winterthur
Nov 1 2001 // According to a report in London’s Financial Times Switzerland’s Winterthur, the insurance arm of Credit Suisse First Boston, has reached an agreement to acquire the general insurance business of Prudential U.K....
