The Bank of England will hold insurers to close scrutiny in terms of the models they use to comply with regulations such as Solvency II, Mark Carney, the governor of the Bank of England, said in a speech this week.
Some insurance industry practitioners have welcomed the announcement by Mark Carney, the governor of the Bank of England, that he intends to ensure senior members of insurers are held accountable for their actions.
QBE Insurance has appointed Pat Regan, who joined QBE in the role of group chief financial officer in June 2014, as an executive director.
Citizens Property Insurance Corporation, the not-for-profit government entity created by the Florida Legislature, has ended policyholder assessments relating to the 2004-2005 hurricane season two years early.
Liberty Mutual Insurance’s national accounts property operation has appointed C. Wesley Sellers as Southeast division manager.
Mapfre is set to acquire Direct Line’s international division, which comprises its Italian and German operations. The sale concludes the strategic review initiated earlier in 2014.
European non-life insurance company Gable Holdings has strengthened its Norwegian business.
OAC Actuaries and Consultants has launched a takaful compliant model for Mo.net, its financial modelling software, as it looks to broaden its offering to include Islamic finance.
Insurance systems provider Websure has appointed Mike Delahunty as senior business systems analyst.
AIG has appointed Jeremy Sharpe to the post of head of sales, UK zone as part of a wider restructuring of its distribution function.