United Friendly gets hands on its assets
Article Abstract:
United Friendly has been granted permission by the UK Department of Trade and Industry to use life fund surplus assets for dividend payments. The assets have built up due to superior performance of investments and caution on payouts for the company's policies. Bonus rates will be maintained for policy holders in 1995 while other companies in the sector are reducing bonuses. Other UK insurers such as Refuge and Britannic are likely to follow the example of United Friendly.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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Planning ahead
Article Abstract:
Sturge Holdings has hived off a holding company called Ockham Holdings in order for the group to expand, while protecting it from compensation claims by Lloyd's of London Names. Sturge is an underwriter for Lloyd's of London and the company's assets could be seized for compensation payments. The Sturge Names Action Group could claim hundreds of millions pounds sterling. A rights issue will have to be carried out if Ockham is used for expansion into financial services.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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A public flogging
Article Abstract:
UK financial services companies which commit serious breaches of regulations will have to advertise their errors in the national press, following a decision by the UK Personal Investment Authority (PIA). This will apply to insurers, independent financial advisers, and managers of investment trusts and unit trusts. Lapse rates for policies will also have to be revealed since they indicate whether policies are being sold properly, according to a PIA spokesman.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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