insurancepeople
Late News
Issues remain in regulatory re-structure
I
n a speech at the Mansion House City banquet on October 19, Lord Turner, chairman of the FSA, said that reform of the regulatory structure in the UK would help ensure better results than in the past, but also highlighted remaining uncertainties and issues which needed detailed consideration by parliament and society at large before legislation was passed into law. Referring to the Financial Policy Committee as the most important element to address the failures that led to the financial crisis, he said that two issues needing consideration were:
McManusleaves Willis Brendan McManus W
illis has announced the departure of
Brendan McManus, CEO of Willis Ltd, who, until recently, had served as CEO of Willis United Kingdom and Ireland. He joined Wiilis UK &
Ireland in August 2007 as chief executive officer, taking over from Allen Gribben, who was promoted to chief executive of Willis International. Formerly at Royal & Sun Alliance for over 20 years, Brendan McManus was latterly a corporate director there. At Willis, group president Grahame Millwater will be overseeing Willis UK & Ireland until a successor is named. A new CEO of Willis Ltd will be named for FSA consideration “in the coming weeks”.
ACEto host workshop in Birmingham
P
owerPlace has confirmed that the next in its series of free educational D&O workshops for brokers will be sponsored by ACE and will be held on November 17th in Birmingham.
The workshops are aimed at helping brokers fill gaps in their knowledge about directors’ and officers’ liability products, and to give them the tools to educate customers on the importance of having this cover.
For details or to register, go to:
rhian.osborne@powerplace.co.uk.
2 insurancepeople NOVEMBER 2011
in association with
● Forthcoming European regulation, particularly around maximum capital levels, had the potential to reduce the flexibility of the FPC to act according to the needs of the UK
● What can be expected on macro-prudential policy and whether that includes policies to tackle downswings in the economy as well as the upswings
Lord Turner said, “European capital adequacy regulation should enforce minimum standards across the European Union, but it should leave national authorities free to exceed and vary them above the minimum. The idea that securing the single market requires the harmonisation of maximum as well as minimum standards is simply wrong and potentially harmful.”
Boxing for Charity S
even insurance men from the London market boxed at the “Showdown at St Paul’s” on October 27, a night of exhibition boxing and variety acts, sponsored by Markel International. At the Grange St
Paul’s Hotel, funds were raised for a range of charities, with each boxer having his own sponsored charity, while the overall event will support the work of the Downside Fisher Youth Club. The evening is also in memory of Aon
broker Kevin Carlier, who did much for charitable causes and was instrumental in the success of a similar event last year.
Boxers taking part
are: Philip Furlong of Tysers, Jimmy
Summerfield of Lockton, Andy Furr of the Chesterfield Group, Paul Newson of Marketform, Martin Lawson of Inter Hannover, David Koeshgerian of HCC Specialty, and Markel’s own Sean Martin.
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