Insurance Industry News

The following statement has been issued by AXA following notice that the Australian Competition and Consumer Commission's to oppose the disposal of certain AXA interests to National Australia Bank.

The UK's Financial Services Authority has imposed a lifetime ban on David Marriott, former chief executive of two insurance intermediaries, Target Underwriting Ltd (Target) and Professional Insurance Select LTD (PISL).

Blurring the lines between acceptable and unacceptable marketing - and the use of personal data - companies in developing countries often work to lines that would be unacceptable, perhaps even illegal, in countries where protection of personal data is strong - and intrusive marketing is frowned upon. But Malaysia's largest financial group has launched an SMS campaign that some may consider ill advised.

In the wake of the record fine imposed by the UK's FSA against JP Morgan for commingling its own and clients' funds, the FSA has taken action against two insurance brokers for similar - but materially different - action.

AXA, AXA Asia Pacific Holdings and National Australia Bank have extended the time limits in connection with their proposed deal.

The Guardian Life Insurance Company of America is to buy out Nevada-based Preferred Dental, LLC to expand its PPO network.

The US government continues to interfere in the management of financial services businesses. The latest target is Anthem, a California insurance company which, Speaker Nancy Pelosi, says has made an announcement that will have an impact on all insurance companies in the USA.

Prudential, the UK's largest insurer, requested that its shares be suspended this morning pending an announcement. Already with significant Asia Pacific business, the company has this morning confirmed in a statement that it is negotiating to buy AIG's AsiaPac business. But simultaneously, a second announcement....

Singapore's Great Eastern Holdings, itself a subsidiary of OCBC Bank, has been given the green light to make an offer for the general insurance business of Malaysia's Tahun Insurance.

Lloyds Banking Group has sold its interest in esure to its chairman and founder Peter Woods. Miraculously, the sale price is "slightly more" than the book value.