What are the stories hitting the headlines this week?
Fee drop
Brokers can expect a drop in fees for 2012/13. The FSA has published its final annual guide on the subject, showing that brokers’ FSCS fees will remain at £57m but that their FSA fees will drop an additional 3.1% to £23.3m for next year.
Launch
Canopius has set up a new UK property facilities underwriting team. It is led by divisional underwriter Stephen Snook, who joins from JR Clare Underwriting Agencies, along with deputy divisional underwriter Paul McBrearty and underwriter James Everett. Another underwriter, Vidia Bains, joins from Brit.
Reports
Deloitte has released two reports this week, the first showing that UK motor insurers’ combined ratio improved to 106% last year from 120% in 2010; the second showing that more than one third of insurers plan to re-price their products in response to Solvency II.
Postponement
The deadline for Alto Intermediary Group’s takeover deal of Cobra has been extended to give it more time to arrange financing, according to a London Stock Exchange announcement. A firm offer was set to be announced on Monday, but has been put back to 7 June.
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