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Independent closes to new business

General insurer Independent Insurance has stopped trading as its reinsurance provision and the scale of its liabilities has been put into question.

Independent specialises in insuring companies against claims from staff, and has seen an upsurge in its liabilities as the “claims culture” has grown. Aggressive advertising from solicitors, including promises of “where there&#39s blame there&#39s a claim”, coupled with a new policy of claiming for medical costs by the NHS had seen liabilities soar.

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Ruth Kelly takes over financial services role

The DSS has been replaced by the Department of Work and Pensions as part of a shake-up of the Government by Tony Blair following his second landslide victory. As tipped by Money Marketing, Ruth Kelly has been appointed Treasury economic secretary, the position responsible for financial services. Former incumbent Melanie Johnson has been moved to […]

Principality Building Society – Discount Option 5

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SLI global chief Hay is joining Aegon as CIO

Aegon Asset Management UK has appointed Wendy Hay as chief investment officer in charge of fund management and research. Hay, 39, who is joining from Standard Life Investments, will be based at Aegon&#39s head office in Edinburgh. She will lead a team of 70 investment professionals reporting to managing director Russell Hogan. Hogan continues as […]

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