UK publishes new Corporate Governance Code

UK publishes new Corporate Governance Code

UK publishes new Corporate Governance Code

The UK has published a new Corporate Governance Code with changes focused on ensuring boards develop the right culture, listen to their workforce, are more diverse and companies get a grip on executive pay. The specific section on risk remains largely unchanged. The 2018 Corporate Governance Code is “shorter” and “sharper” than previous versions with fewer provisions, said the UK’s…

UK insurance industry gender pay gap double national average, shows CII data

UK insurance industry gender pay gap double national average, shows CII data

UK insurance industry gender pay gap double national average, shows CII data

The UK insurance industry has a gender pay gap of 24%, which is double the average across all sectors, according to analysis of almost 200 insurers, intermediaries and service providers by the Chartered Insurance Institute (CII). UK companies with more than 250 employees were required to publish gender pay gap data in April this year. The national average median gender…

UK Brexit whitepaper ‘real blow’ for financial services, say representatives

UK Brexit whitepaper ‘real blow’ for financial services, say representatives

UK Brexit whitepaper ‘real blow’ for financial services, say representatives

Representatives of UK financial services have described new proposals put forward by their government for EU trade post-Brexit as a “real blow” that would restrict their ability to serve European customers. But wider business sectors, particularly those that deal with goods, have broadly welcomed the plans. The UK government published a Brexit whitepaper yesterday that lays out its hopes for…

No regulatory race to bottom after Brexit says FCA chair

No regulatory race to bottom after Brexit says FCA chair

No regulatory race to bottom after Brexit says FCA chair

UK insurers and banks do not want to see a regulatory race to the bottom after Brexit, chair of the Financial Conduct Authority (FCA) Charles Randell said this week. In his first major speech since becoming FCA chair in April, Mr Randall told a Reuters Newsmaker event that insurers and banks do not want to see regulation ripped up after…

SCOR consolidates London operations and maintains push for ‘client-centricity’

SCOR consolidates London operations and maintains push for ‘client-centricity’

SCOR consolidates London operations and maintains push for ‘client-centricity’

Laurent Rousseau, recently appointed deputy-CEO of SCOR Global P&C, has made the next significant step in the French reinsurance group’s strategy to broaden and deepen its offering for the primary corporate and commercial insurance market through the consolidation of its specialty insurance platform in the London market. The London platform will now offer company (SCOR) paper, Lloyd’s paper or a…

Chief underwriting officer appointed by RSA’s Commercial Risk Solutions

Chief underwriting officer appointed by RSA’s Commercial Risk Solutions

Chief underwriting officer appointed by RSA’s Commercial Risk Solutions

RSA has appointed Mandy Hunt as chief underwriting officer for Commercial Risk Solutions (CRS), RSA UK & International. This follows the announcement that Colin Bradbury will retire next year from that role, after more than 40 years with the company. Ms Hunt is currently managing director of RSA’s Jersey and Guernsey-based insurance business, the Insurance Corporation of the Channel Islands…

Guernsey upbeat over PCCs and insurance linked securities market

Guernsey upbeat over PCCs and insurance linked securities market

Guernsey upbeat over PCCs and insurance linked securities market

The number of new cells in 2018 of protected cell companies (PCCs) is well ahead of 2017 figures to date, according to Guernsey Finance. It said Guernsey has seen “a positive start to the year in the insurance linked securities market”, noting that PCCs are the main method of writing new insurance-linked securities (ILS) business. Guernsey Finance said that industry…

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