Which? is cautioning consumers against taking out payment protection insurance (PPI) in the current economic climate.
Spokeswoman for the consumer group, Lucy Widenka, says that some sales practices for PPI, already identified by the Financial Services Authority as unsound, coupled with the economic downturn, mean that independent advice should be taken when purchasing PPI.
Ms Widenka […]

Last Thursday’s ban on short selling UK stocks by the Financial Services Authority (FSA) has spread around the world, stabilising financial markets, but leaving options executives furious.
On Friday, the US Securities and Exchange Commission (SEC) was the first to follow the FSA’s lead, banning short selling for 10 days.
Over the weekend the SEC was joined […]

Seven legal services firms have been granted three year contracts by AXA Insurance after the conclusion of a review lasting six months.
AXA Insurance claims will be provided with a comprehensive range of legal services by the seven firms from 1 October, when the contracts begin.
Areas such as property and personal injury as well as other […]

Beazley Group has acquired London-based Momentum Underwriting Management for up to $37.5 million (￡20.6 million) in cash.
Momentum is a specialist personal accident and life managing general agency established in 2000 by former employees of CIGNA Re Europe.
The company has offices in London and Brisbane, Australia.
Following completion of the transaction, the firm will continue […]

The world’s major insurance companies are working together to reduce their carbon footprint by agreeing upon an industry standard for paperless transactions.
Interbank co-operative Swift has been appointed to develop an electronic platform for transmissions between insurers, brokers and reinsurers.
Major players in the insurance industry, including Swiss Re, Munich Re, Scor, Benfield, Aon and Willis, have […]

Moneysupermarket.com, the leading price comparison website, has announced the appointment of Andy Leadbetter to the post of acting managing director for Insurance and Home Services.
Prior to working for the site, he was employed by insurer Swiftcover as an IT project manager.
Leadbetter first joined the firm in October of last year, when he assumed the […]

The world’s largest insurer, AIG (American International Group), has announced that its Board of Directors has chosen a new chief executive officer and chairman.
Edward M. Liddy, 62, will take on the two positions, succeeding Robert B. Willumstad.
The firm’s independent director, Stephen F. Bollenbach, is to retain the post which he has occupied since June this […]

Internet travel insurer, InsureFor, has launched a new policy aimed at independent travellers.
The recent collapse of airline, XL, highlighted the vulnerability of travellers whose bookings are not made through a travel agent and are therefore not covered by the Civil Aviation Authority’s Atol scheme.
However, InsureFor has responded to uncertain times in the travel industry with […]