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Reinsurers may clash with PI insurers over pensions review

A leading law firm is warning that professional indemnity insurers may take action against reinsurers to recoup pensions review losses.

Law firm Reynolds Porter Chamberlain is arguing that PI insurers pension review cases should be considered as one case for the purposes of determining the proportion they pay and the proportion passed on to reinsurers.

Currently because of excess, PI insurers are taking most of the hit for review cases.

It is threatening action against the reinsurers as a result.

Partner Jonathan Davies says: &#34Inappropriate sales of pensions should be treated as one case. This would allow insurers to aggregate all their pensions mis-selling claims and shift the tremendous costs they face on to reinsurers.”


Barclays to close 200 branches

Barclays bank is planning to close up to 200 of its smaller high street branches next year.The move comes as traditional clearing banks see increasing numbers of customers switch to other forms of banking.Barclays is the second biggest retail bank after Lloyds TSB, with 1,900 branches. The latest closures are in addition to the 50 […]

First Quadrant acquires Prolific Objective Asset Management

Investment managers First Quadrant has acquired London-based Prolific Objective Asset Management.The deal will increase Quadrant&#39s £8.5bn in assets and overlays via the London office by about 10 per cent.POAM managing director Philip Ainsworth says: “The fit of our expertise and products with First Quadrant is excellent and offers genuine opportunities for us to build business […]

Cost of home ownership continues to rise in London

The cost of owning your own home has fallen throughout the country, as it continues to rise in London.Cheltenham & Gloucester&#39s latest Affordability Index shows Londoners pay £35 out of every £100 of take home pay, an increase of £1.00 on the pervious index.C & G say the increase in property prices has been more […]

IFAs to provide details of Y2K arrangements

The PIA is demanding large IFAs that pose the greatest potential risk of Year 2000 failure provide details of their arrangements.These firms have been asked to complete a Year 2000 Completion Statement which has to be signed by a firm&#39s senior executive officer, to confirm sufficient action has been taken to ensure business continues as […]


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