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Readallaboutit – Insurance Times news roundup

this made me chuckle a bit as there’s no better place than Lloyd’s for a spot of barrel-chested Tory rabble rousing.

Gallagher gets hand on £18m jewellers’ block account

After Marsh bought HSBC Brokers, some key accounts have inevitably begun to leak out what with the staff moving on. This one sees two guys taking their $12m of premium for a book of jewellery and pawnshop business over to AJ Gallagher, so that broker now controls the whole kit and kaboodle.

After last week’s sterling effort to spice up the Jackson review with a Wild West theme, I’m rather disappointed that this scoop failed to include some kind of reference to a ‘heist’.

Nevertheless, it’s a good story and the type that will be embarrassing to the losers while the winners relax and sit back on a nice pot of money. It’s not about ‘strategy’, ‘goals’, ‘aims’ or ‘plans’, which are so often the bread and butter of the business media and it’s a shame there’s not more like this to go around.

ABI to review Jackson in February

The ABI’s high level group on personal injury will discuss the Jackson review at its next meeting, according to Insurance Times, presumably for a spot of backslapping.

A spokesman for the Ministry of Justice admitted there was no timetable for a detailed government response to the numerous recommendations.

New estimates say asbestosis claims will reach £11bn by 2050

The statistic which struck me most is buried at the bottom of this article. In 2004, one third of mesothelioma sufferers made a claim. In 2009, this proportion had doubled.

The Actuarial Profession’s UK Working party has gone against received wisdom that there would be a peak in or around 2015. The working party’s chairman, Brian Gravelsons, said: “Insurers will of course have already noticed the increased number of claims from mesothelioma sufferers.

“There is still considerable uncertainty surrounding the future cost of asbestos claims, as the number of people who will be diagnosed with mesothelioma many years into the future cannot be accurately predicted.”

Conservatives’ Hoban tells Lloyd’s: ‘We will shut the FSA’

The Tories will dismantle the FSA if elected, giving the Bank of England the rule over prudential and solvency risk, with the Consumer Protection Agency regulating brokers, IFAs and businesses with a lower balance sheet risk.

This announcement was made at Lloyd’s of London by Mark Hoban MP. Without sticking my own flag too deep in the ground, this made me chuckle a bit as there’s no better place than Lloyd’s for a spot of barrel-chested Tory rabble rousing.

About Ralph Savage (137 Articles)
Insurance and legal journalist Ralph Savage has written extensively for the financial and professional services sectors, most notably as News Editor of Post Magazine. He ghost writes regularly on behalf of FTSE 250 CEOs, leading counsel and senior professionals including solicitors, insurers, accountants and brokers.

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