Legal/ Regulatory

FCA admits data breach as 1,600 records go public

The UK’s Financial Conduct Authority (FCA) has confirmed its website was the source of a data breach after personal information was published online in response to a Freedom of Information Act request in November 2019.

Florida’s insurers pin hopes on contingency fee multiplier bill

A number of bills that would affect Florida’s insurance industry are being considered by the state’s legislature this year. But, with three weeks left in the session, time is running out fast for action.

Triton Insurance Brokers loses FCA permissions

The UK’s Financial Conduct Authority (FCA) has removed Triton Insurance Brokers’ permission to conduct regulated business in the UK.

The FCA on the London market: a curious critique

Another year, another report from the UK regulator the Financial Conduct Authority (FCA) on the state of the country’s financial services sector, examining the ways in which the financial environment is changing and the impact of these changes on market effectiveness.

UK watchdog warns on market misconduct, cost base and global position

Britain’s Financial Conduct Authority (FCA) warned on Tuesday that non-financial misconduct in the London market poses risks to market integrity and raises questions about its ability to tackle inappropriate financial conduct.

BCLP builds out Midwestern insurance practice with hires from rivals

Global law firm Bryan Cave Leighton Paisner (BCLP) has hired a three-strong Midwestern team from the world’s largest law firm, Dentons, to bolster its US insurance and regulatory practice.

Fresh hit for Danish Gefion as Bollington severs MGA relationship

UK broker Bollington has axed its relationship with unrated insurer Gefion – which entered an £80mn ($104mn) capacity deal with its MGA, Anjuna Underwriting, in 2017 – weeks after the Danish regulator raised fresh concerns over the carrier’s solvency levels.

Jury awards $21mn against Berkshire’s Cypress and trucking company

In the latest example of a nuclear verdict out of a US court, a Georgia jury has awarded a $21mn verdict against Cypress Insurance Company and its insured in a wrongful death suit.

Nephila’s Velocity seeks 28.1% rate increase on Florida HO-3 book

Nephila’s Velocity Risk Underwriters MGA has filed on behalf of National Specialty with the Florida regulator to seek approval for an average rate increase of 28.1 percent on the HO-3 book of homeowners insurance it writes using the fronting carrier’s paper.

Legislation limiting attorneys fees clears Florida Senate committee

A key Florida Senate committee has passed a bill that would limit the use of a contingency fee multiplier when calculating attorneys fees in property insurance lawsuits.

Discount rate ‘clarity’ to spur Admiral profits surge

UK personal lines insurer Admiral Group expects to post a profit before tax for 2019 in the range of £510mn to £540mn, approximately 6 to 13 percent higher than 2018’s result.

New York charges the NRA over insurance violations

New York’s Department of Financial Services (DFS) has brought charges against the National Rifle Association (NRA) over the controversial Carry Guard insurance programme that previously led to fines for Lockton and Chubb.

FCA warns on temporary permissions deadline as Brexit looms

The Financial Conduct Authority has sort to remind European firms that they have until the end of today (30 January) to apply for use of the temporary permissions regime (TPR) which will come into force if the UK and EU fail to sign a trade agreement by 31 December 2020.

Gefion’s solvency slumps as Danish regulator refuses to accept reinsurance deal

The Danish Financial Supervisory Authority (DFSA) has ordered the unrated carrier Gefion to unwind the effect of a reinsurance contract from its 2018 accounts which sees its solvency ratio slump yet again, this time from 72 percent to a mere 49 percent.

OFAC acts swiftly to approve Ukraine Airlines Iran war loss

London market aviation war insurers, led by Tokio Marine Kiln (TMK), will shortly receive official approval from the US Office of Foreign Assets Control (OFAC) to pay hull claims relating to the Ukranian International Airline (UIA) crash earlier this month, The Insurer can reveal.

Gard names Kelly head of London defence

P&I club Gard has named Marie Kelly vice president and head of the defence team in London.

AIG dodges $100mn bonus bill after court win

Insurance giant AIG has won its UK court appeal to prevent former employees from collecting $100mn in controversial bonuses dating back to the financial crisis.

FCA names Woolard interim chief executive

The Financial Conduct Authority (FCA) has appointed Christopher Woolard as interim chief executive, replacing outgoing boss Andrew Bailey.

Chubb pet insurers commanded to repay $4.7mn for overcharging

Two Chubb subsidiaries are in the doghouse with Washington state’s insurance department, which has ordered them to repay $4.7mn to policyholders.

A sign of the times?

News that Hyperion and JLT have reached an out of court settlement over defections from the now MMC-owned broking house to the David Howden-led rival will come as little surprise to seasoned observers of poaching disputes in the sector.

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