Equity Red Star slammed for being too slow to adjust reserves
Equity Red Star should have taken quicker and more decisive action in reserving for increasing bodily injury claims according to a report produced by JP Morgan.
The damning review of the UK arm of Insurance Australia Group (IAG), which is under investigation by the Financial Services Authority, said there were enough warning signs for the insurer to act earlier and to reserve adequately for deteriorating claims, a trend that was noted and acted upon by others in the market.
IAG has recently pumped $365m (£237m) into the company to shore up its position but the authors of the revised JP Morgan report, replacing an earlier version issued to the market
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Markerstudy gets CMA greenlight to complete £1.2bn Atlanta deal
- FCA warns insurers, again, on undervaluing total loss motor claims
- Ajay Mistry launches insurance broker