Financial Services Authority

• Hiscox Weathers Cat Losses; Will Return Capital to Investors

  By Sinead Cruise, Reuters  |  February 25, 2013

  Insurer Hiscox Ltd plans to return $305.3 million to investors after Superstorm Sandy failed to derail a bumper year of growth in its global underwriting business.

• Lloyd's Fined by UK Regulator over PPI Payout Delays

  By Matt Scuffham, Reuters  |  February 19, 2013

  Britain's financial regulator fined Lloyds Banking Group $6.7 million on Monday for not paying compensation quickly enough to customers wrongly sold insurance on loans and mortgages.

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  The Week in Quotes

  By Staff Writers  |  June 1, 2012

  Legislators and industry leaders comment on the 60-day NFIP extension, a new bill to bar insurance policies from covering executives found liable for actions harming their companies, Facebook's IPO, and more.

• W.R. Berkley Establishes New Lloyd’s Syndicate

  By Staff Writer  |  May 29, 2012

  W. R. Berkley Corp. says it received approval for W. R. Berkley Syndicate Management Ltd. to act as a Lloyd’s managing agent.

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  Drivers of ERM in 2012: The End of the World?

  By Denise Tessier  |  January 20, 2012

  Adopting ERM to meet ever-increasing risks in the new year.

• Aon Settles with DOJ, SEC for Over $16M on FCPA Violation Charge

  By Staff Writer  |  December 20, 2011

  Aon Corp. has reached settlements with the U.S. Department of Justice and the Securities and Exchange Commission totaling around $16.3 million to resolve violations of the Foreign Corrupt Practices Act.

• Insurers New Solvency II Capital Rules Set for 2014 Start

  By Reuters  |  December 8, 2011

  Governments and companies are broadly agreed that Europe's new Solvency II capital rules for insurers should take effect in January 2014, a year later than originally planned, British Financial Secretary to the Treasury Mark Hoban said on Thursday.

• Conn. Dept, Swiss Regulator Enter MoU

  By Staff Writer  |  September 27, 2011

  The Connecticut Insurance Department and the Swiss Financial Market Supervisory Authority have signed a memorandum of understanding to allow for closer regulatory cooperation between the two agencies.

• Willis Review Leads to Loss of 600 Positions, $18M 2Q Charge

  By Mark E. Ruquet, PropertyCasualty360.com  |  August 4, 2011

  Willis Group Holdings has eliminated approximately 600 positions so far this year as part of its operational review, leading to a second-quarter charge of $18 million and contributing to a 2 percent drop in net income.

• FSA Fines Willis $11M For Violating Anti-Bribery Controls

  By Mark E. Ruquet, PropertyCasualty360.com  |  July 22, 2011

  The Financial Services Authority has fined a subsidiary of Willis Group Holdings more than $11 million for failure to institute proper controls in its anti-bribery and corruption systems.

• ACE Gets Green Light To Operate In Dubai

  By Staff Writer  |  December 20, 2010

  The ACE Group of insurance and reinsurance companies said it has been granted a license from the Dubai Financial Services Authority to establish a wholly owned subsidiary in the Dubai International Financial Centre.

• FSA Hands $3.5M Fine To Zurich UK Unit Over '08 Data Loss

  By Staff Writer  |  August 24, 2010

  The United Kingdom Financial Services Authority (FSA) said it has fined Zurich Insurance plc's UK branch (ZIP UK) over ?2.28 million ($3.52 million at current exchange rate) due to the loss of personal data for 46,000 customers in 2008.

• Chubb Establishes New Lloyd's Syndicate

  By Staff Writer  |  June 10, 2010

  Chubb Insurance Company of Europe SE said it has received approval from the Lloyd's Franchise Board to establish a new syndicate, which will be named Chubb 1882.

• Starr Aviation Acquires International Aerospace

  By Mark E. Ruquet, PropertyCasualty360.com  |  April 7, 2010

  Starr Aviation Agency Inc., a subsidiary of C.V. Starr & Co. Inc., has acquired International Aerospace Insurance Services Inc., a managing general agent in Santa Barbara, Calif.

• AJG Acquires London Brokerage

  By Mark E. Ruquet, PropertyCasualty360.com  |  March 29, 2010

  Itasca, Ill.-based insurance broker Arthur J. Gallagher & Co. said it plans to acquire the insurance brokerage business of FirstCity Partnership Ltd. of London. Financial terms were not disclosed.