Daily briefing: Tuesday

Yesterday evening, we reported that the ABI and IFB had slammed a clearly fraudulent website that was offering to “sell” consumers no-claims discounts. But there was more to this story than met the eye. The Insurance Times news team was alerted to the presence of the website and immediately contacted the ABI, IFB and National Fraud Authority to find out who was responsible for stopping such cons on the public, and what action there were prepared to take in this instance. Our reporter was handed from organisation to organisation, each referring him back to the other and disclaiming responsibility. We had to file an official complaint about the website before the IFB would talk to us about it.

Once we had jumped through the hoops, the ABI provided us with a comment urging consumers to stay away from such sites, and the IFB acknowledged that it had previously been alerted to such scams. To date, the NFA has still said nothing at all.

So just whose responsibility is to protect consumers from such flagrant scams? Or must they be left to drown in the alphabet soup of quangos, trade bodies and officialese? (Our mystery blogger Sid agrees that trade bodies must do more – see his latest irreverent rantings here).

How Validus won IPC

The (re)insurance sector has been expecting mega-mergers for many months now – particularly on the sunny island of Bermuda. But with stock market valuations still lingering below book value, they have largely failed to materialise. One went through, in 2009 – infamously forced through by the sheer determination of Validus to take over IPC against all the odds (and in spite of a preferred bid by Max Capital). In our wide-ranging interview, Validus boss Ed Noonan tells Ben Dyson how he did it, and outlines further plans for growth.

Ellen Bennett, editor-in-chief.

Email: ellen.bennett@insurancetimes.co.uk