Insurance Industry News
Insurance: FSA to come knocking
That rat-a-tat-tatting on your door is the man from the Financial Services Authority, as it starts follow up visits to insurance brokers and investment firms that hold clients' money or assets.
Insurance: SEC settles with General Re over AIG and Prudential
The USA's Securities and Exchange Commission has settled an action with General Re alleging fraud in relation to unrelated accounting failures at AIG and Prudential Financial Inc.
Insurance News: Malaysia's MAA to sell unit to AMMB
Malaysia's MAA is to sell its general insurance unit to AmG Insurance, part of the AmBank group.
Insurance News: AVIVA manager stole GBP1.4 m
An insurance manager and a former policeman plus 10 others have been jailed for their involvement in a fraud on AVIVA and the subsequent laundering of more than GBP1.4 million.
Insurance: Allied World Announces branch office in Singapore
Allied World Assurance Company Holdings, Ltd is to open a branch office in Singapore. Bruce Ford has been appointed as its Principal Officer and Head of Treaty Asia Pacific, Middle East and Africa.
Insurance: Woodmen alleges US Bank misled it over investments.
Woodmen of the World, an insurance and mutual funds company, has filed a federal lawsuit seeking recovery of USD29.7 million in investments that U.S. Bank National Association lost in short-term investments managed by an affiliate of the bank.
Insurance: US Broker International Excess opens specialist agribusiness unit
International Excess Agribusiness is headed by a specialist in the area who is also a farmer.
Insurance: Kingsway completes sale of Zephyr
Kingsway Financial Services Inc. ("Kingsway" and "Company") has completed the previously announced sale of Zephyr Insurance Company, Inc.
Insurance: Australian broker banned
Insurance broker Michael Andrew Crawley of Yarraville, Victoria, has been permanently banned from providing financial services following an investigation by ASIC.
Insurance: ING sells Aus/NZ units to JV partner ANZ
ING of the Netherlands continued its "Back to Basics" strategy with the announcement of the sale of its 51% interest in its life insurance and wealth management JV to partner ANZ for EUR1,100 million.
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