Also happening this week
Commercial aims to double
London broker Commercial Risks expects to double the size of its business in the next year after gaining Lloyd’s broker status. The broker, which has a premium income of about £5m, specialises in wholesale broking for UK SME business. Managing director James Osman, who founded the company eight years ago, said Lloyd’s broker status created opportunities. “We are looking at doubling the size of the business within 12 to 18 months,” he said. “It opens up a lot of doors.”
CILA tackles interruption
A review by the Chartered Institute of Loss Adjusters (CILA) aims to bring clarity to business interruption contracts. Chairman Damian Glynn said CILA was likely to conduct the review but work with other bodies such as Biba and the Insurance Institute of London. He said: “We are not saying the business interruption policy wording is broken. We are saying that there are specific aspects that could be improved.”
Names declared bankrupt
Thirty-five Lloyd’s of London Names were declared bankrupt last week, ending a long battle between the Names and Lloyd’s of London in Society of Lloyd’s v JG Beaumont & Ors. The ruling comes after the court struck out a claim brought by the Names against Lloyd’s in July 2008 alleging that the description of the Reinsurance-to-close in Lloyd’s brochures and verification forms in the 1980s was fraudulent.
LAML underwriting ends
The London Authorities’ Mutual Limited (LAML) has ceased underwriting and gone into run-off mode after the Court of Appeal ruled local authorities could not participate in an insurance mutual. The court also ruled the London borough of Brent had awarded its insurance contracts to LAML in breach of the Procurement Regulations 2006.
