The Financial Conduct Authority has found no evidence of “competition concerns” following its wide-ranging study into broker activities in the London wholesale market in a massive win for market brokers.
£4.8bn ($6.2bn) of gross written premium in the London market is now placed through facilities operated by brokers, according to a wide-ranging study by UK regulator the Financial Conduct Authority (FCA) published today.
The findings of the newly-released final report into the FCA’s wholesale insurance broker review has provided insurance intermediaries with a “clean bill of health”, the CEO of the London and International Insurance Brokers’ Association has said.
A class action lawsuit has been launched against Maiden Holdings alleging the reinsurer and some of its former officers misled investors over underwriting and risk management controls relating to its reinsurance of AmTrust.
UK insurers have been instructed by the Prudential Regulation Authority (PRA) to develop detailed plans setting out how they are reducing their exposures to so-called silent cyber losses.
Lloyd’s has revealed plans to update its oversight of third-parties by implementing a new risk-based approach, streamlining procedures and tightening the controls on claims administrators.