Insurance Industry News

Hong Kong's Independent Commission Against Corruption has charged a number of people with a range of offences alleged to have been commited against insurance companies.

US insurance consultancy and asset manager P-Solve has completed the purchase of UK insurance consultancy Meridian.

The chances of winning the UK's National Lottery are 1: 49 million, ish. Those are odds many are more than willing to take. But, says the UK's Daily Telegraph, there is a 1:3,00 risk of being hit by a chunk of the Upper Atmosphere Research Satellite when it falls from the sky tomorrow. The potential for serious damage to people and property is now being recognised as serious.

A Tasmania-based insurance agent has been permanently banned from providing financial services after being convicted of fraud offences, says Australian regulator ASIC.

Dutch insurer AEGON is to sell its UK life and pensions division, Guardian, which has been closed to new business for a decade.

The Securities and Exchange Commission has issued proceedings against six former leading executives affiliated with Brooke Corporation, a Kansas-based financial corporation and its subsidiaries, accusing them of hiding critical information from investors and conducting a financial fraud - and dipping into premiums held on behalf of insurance companies for working capital.

OK, so "of all time" has to be PR puff, but you get the gist: USA based pressure group The Coalition Against Insurance Fraud has listed its top 11 (look, it must be better, it goes up to 11) "dumb" insurance frauds. At least those that have been identified... Here are five of them as re-crafted by insurance company Life Quotes, Inc.

Sedgwick Claims Management Services, Inc. (Sedgwick) has completed its purchase of Specialty Risk Services, LLC (SRS) from The Hartford Financial Services Group, Inc. for USD278 million.

The UK Treasury has launched a consultation relating to "simple financial products" aimed at first-time users and low income investors.

Royal Bank of Canada has announced that Athene Holding Ltd. has agreed to acquire Liberty Life Insurance Company, the U.S. life insurance business of RBC Insurance for USD628.1 million.