FSA / ban : insurance broker David Marriott banned for persistent misuse of client money
The Financial Services Authority (FSA) has banned insurance broker David Marriott for persistent misuse of client money after using clients’ funds to support his businesses and finance bonuses, salary increases and new cars. The FSA said it took action against Mr Marriott, former chief executive of two insurance intermediaries Target Underwriting and Professional Insurance Select Limited (PISL), for failing to segregate and protect money from clients’ insurance premiums. The watchdog said Target and PISL were run as one business under the control... Lire la suite
USA : Insurance costs to rise for families
American workers will have to spend more to insure their families even as premiums for family coverage rose only 3%. This is a result of cost-conscious companies shifting more of the insurance burden onto employees. Employees are paying about $4,000 to buy family insurance in 2010, $482 more than they did last year according to the Kaiser Family Foundation. Companies still pay the bulk (nearly $9,800 for a family of four) but that was down a little from 2009. The Kaiser survey was conducted between January and May 2010 and polled more than 3,000... Lire la suite
Weather / Hurricane Earl : Category 4 storm heads toward U.S East coast
North Carolina officials ordered a mandatory evacuation for visitors to be expanded to all of Dare County this morning and urged residents living along the ocean to relocate because waves are expected to wash over roads when Hurricane Earl passes by later tonight. Currituck County has called for a mandatory evacuation of visitors on the Currituck Outer Banks. The area includes Corolla and the northern Outer Banks four-wheel drive area. The sale of alcohol has been suspended on the Currituck Outer Banks. Currituck County schools will be closed Friday. At... Lire la suite
Appointment : Duncan Szeto is Presidential Life’s new chief actuary
Presidential Life has named Duncan Szeto as the new chief actuary of its operating subsidiary, Presidential Life Insurance Company. Mr Szeto replaces Jerrold Scher. He joined Presidential Life in 2007 as vice president of financial modeling. Prior to joining Presidential Life, Mr Szeto served in various actuarial roles at MetLife, Inviva and Prudential Financial. He also has several years of actuarial consulting and audit firm experience. Donald Barnes, vice chairman of the board, CEO and president of Presidential Life, said: “Duncan’s... Lire la suite
Aviva : New U.S. Headquarters
All 1,300 of Aviva USA’s Des Moines-based employees and contractors are now occupying the company’s new U.S. operations headquarters at 7700 Mills Civic Parkway in West Des Moines. Capping a summer of highly orchestrated moves, Aviva relocated its staff from three leased locations in downtown Des Moines to the new campus. Aviva USA broke ground on its new headquarters in April 2008. With a project budget of approximately $150 million, the eight-story building sets on 88 acres of commercial property at the intersection of Jordan Creek... Lire la suite
