insurancepeople
News
BIBApresents FSCS petitionof7,000names
B
IBA has presented its Financial Services
Compensation Scheme petition, with nearly 7,000 signatures, to Jonathan Evans MP at the House of Commons. It calls for the House to urge the Treasury to accelerate the FSA’s review of the FSCS consultation with immediate effect.
Mr Evans, who is Chair of the
All Party Parliamentary Group on Insurance and Financial Services, is applying for an adjournment debate on the subject.
Eric Galbraith, BIBA chief executive, says, “We are overwhelmed with the response to our petition. It adds weight to our campaign and sends a really strong message from brokers on how big an issue the FSCS is. With this year’s increasing levies landing on brokers’ desks shortly, it drives home the importance of achieving separation for brokers in the FSCS funding model, and once Jonathan presents the petition, it will provide another official call to government to take action.”
BIBA’s Eric Galbraith and Steve White present the petition to Jonathan Evans MP (centre)
Kiln49%stake inWNC Upto8%willing to scrimp on insurance
K
iln announces that it has bought a 49% share in WNC Holdings, a provider of specialty insurance products and services to US-based financial institutions and their customers.
WNC, a managing general agent, provides flood, wind, hazard and auto insurance, as well as policies for portfolios of second mortgages, home equity and condominium loans to financial institutions. It reported net written premiums
in excess of US$100 million in 2010.
Charles Franks, chief executive of Kiln, says, “Through this investment, which is supported by our parent Tokyo Marine, Kiln will continue to capitalise on WNC’s high quality underwriting capabilities, strong management team, established brand and its proven track record of generating profits, as we have done over the past 25 years.”
Backing forThomas the Tank engine T
he BGL Group has donated £5,000 to the Nene Valley Railway to help restore one of its steam trains - Thomas, the tank engine. BGL group chief executive
Peter Winslow says, “The Nene Valley Railway is an important part of Peterborough’s heritage
28 insurancepeople JULY/AUGUST 2011
he “Big Money Index” from AXA shows that 40% of consumers have made significant spending cutbacks in their daily lives since the end of last year. The research, carried out by YouGov, shows that one in five regret some of their pre- recession financial decisions and are not confident investing in British shares. One in four have used their savings in the
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last quarter to make ends meet. Insurance cover remains high, but 8% say they would be prepared to scrimp on insurance and take the risk of being uninsured, in order to cut costs. For those regarding themselves as “stretched”, this doubles to 16%. Consumers are least likely to scrimp in Scotland, where 82% say they wouldn’t do so, compared with 76% overall.
and, as major city employer, it is our responsibility to invest time and money in preserving local history and attracting visitors to the city of Peterborough.” The Nene Valley Railway,
based at Winsford near Peterborough, has been home to Thomas since 1971.
Tom Bingham (right), associate director for group communications at the BGL Group, presents Chris Rees (left), general manager of the Nene Valley Railway, with the donation
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