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Insurance News & Case StudiesOctober 2008: Charity For the 5th year running DCS hosted a table at the breast cancer care london fashion show. An ever inspring and truly sensational fundraising event hosted by celebrity guests. For further information on the charity &events click here for futher information. Cambodia Charity DCS are proud to be one of the sponsors of the building of a floating learning centre at Tonle Sap Lake, Siem Reap, Cambodia in October. Click here for further details. 3rd Annual D&O Forum As part of DCS commitment to keeping apace with market developments Matthew Howes attended the 3rd European Forum on D&O Liability Insurance held in Cologne, Germany. As Insurers brace themselves for increased activity of claims against Directors and Officers following the increased exposures from the sub prime mortgage market and credit crunch the Forum was particularly focused on claims and coverage strategies in a volatile market. September 2008: Marine & Energy Insurance market analysts believe the cost to insurers of Hurricane Ike, which hammered the Texan coast this week, could be as much as $3bn. August 2008: Portfolio Management DCS are appointed Casualty claims administrators for Oliva Underwriting Agency, effective August 1st, 2008. July 2008: Asia Pacific Sagicor appoint DCS Asia Pacific as their TPA of choice for Australian Professional Liability business. June 2008: 3 Peaks Challenge James Sharman took part in the National 3 Peaks Challenge this month, between all those taking part they managed to raise over £2,000 for the NSPCC. Battling 85mph winds they started at Ben Nevis 5pm Sat 21st followed by Scafell Pike and Snowdown, completing all 3 by 6pm on Sun 22nd. May 2008: DCS celebrate their 10th anniversary in style with a 'Shindig' at St. Katherine's Dock, attended by 150 guests. April 2008: Charity Run Richard Bedford completed the London Marathon on Sunday 13 April. Richard suffered the humiliation of being overtaken by a Womble at 10 miles and eventually completed the course in a world record threatening 4hours 48 minutes. Richard has raised over £3,200 for The Calvert Trust, a charity that provides outdoor activity holidays for the disabled. Captives Marsh today released the first ever global benchmarking report examining the use of captive insurance companies by today's global firms, summarising that global corporates are increasing self-insurance despite falling insurance rates. Click the following link to access Marsh's media centre for the full press release:- Click here Market backs focus on underwriting discipline - Click here Mergers & Acquisitions Argo Group International Holdings has agreed a cash deal to acquire the share capital of Heritage Underwriting Agency. Under the terms of the offer, Heritage shareholders will receive, for each Heritage share held, 154 pence in cash (on an ex-dividend basis). In addition, Heritage shareholders on the register at the close of business on 28 March 2008 will remain entitled to receive the final dividend of 6p per Heritage share announced on 11 March 2008. The offer values the entire issued and to be issued ordinary share capital of Heritage at approximately £136m. RegulatoryLloyd's has published a first quarter update on the progress it has made on business process reform. The report says it has made "significant progress" towards improving its business processes and becoming a more efficient and effective place to do business. The key areas of business reform include electronic claims files, accounting and settlement and contract certainty. Sue Langley, director of market operations and North America, said: “The market has clearly demonstrated that it is more than capable of adapting to new ways of working. “We have made significant progress in the areas of contract certainty, accounting and settlement and the electronic claims filing system. We intend to finish what we’ve started with the current initiatives and press ahead with the next stage of the reform programme. These reforms will ensure we offer an excellent standard of service to our customers." The update reveals that the use of ECF has increased from 30% at the start of 2007 to 88% by the end of the year. It also says that the vast majority of accounting and settlement original premium submissions are now handled electronically. The report also reveals that the market is now regularly meeting the FSA’s requirements on contract certainty, which is now fully embedded in its day to day processes. March 2008: Client News Imagine Syndicate Mgmt – Syndicate 2525 & 2526 Results and Forecasts Click here February 2008: Resources Linda Cook, Claims Manager of Admiral Underwriting, joins DCS on a part-time consultancy basis. Audits DCS appointed to the audit panel of QBE Europe.Client News Beazley among the elite selected to provide cover for the new World Trade Centre development Click here January 2008: Portfolio Management DCS are appointed as professional indemnity claims administrators for Glemham Underwriting Ltd (Glemham is an FSA authorised general insurance intermediary, underwriting business on behalf of Lloyd's and company insurers). Audits DCS undertake a multi-office audit of one of the foremost brokers for the Jewellery trade on behalf of a leading Lloyd's syndicate. December 2007: Acquisition of Kiln Ltd by Tokio Marine & Nichido Fire Insurance Co.Ltd November 2007: Legal Services Act given Royal Assent Audits DCS undertake 5-day professional indemnity claims audit in Ontario, Canada on behalf of leading Lloyd's syndicate. October 2007: Audits DCS undertake Regional Coverholder Audits in both Surrey and Essex for 2 leading market insurers. See this link http://www.dcsclaims.co.uk/services/claims_audits.htm for further information regarding our auditing services. Market Intelligence The value of the Russian insurance market is set to double to $41bn over the five-year period 2006-2010, according to a Lloyd's Market intelligence report. Read full report here September 2007: DCS hold their 2nd annual Hackers Golf Day at Benton Hall..... photos here.... Claim Reviews DCSUK appointed by London Market Insurers to undertake claims reviews of solicitors professional indemnity schemes in both Northern Ireland and Isle of Man. Transfer to Sydney Due to recent contract and auditing successes in both Australia and New Zealand, David Beales (http://www.dcsclaims.co.uk/team/david_beales.htm) transfers permanently from the DCSUK office to take up Senior Claims position with DCSAP in Sydney. August 2007: DCSAP DCS Asia Pacific are appointed to administer both Liability and Professional Indemnity claims for a locally domiciled Australian insurer. Claims Review DCSUK are instructed to undertake a detailed claims review in relation to a multi-million pound auditor's negligence claim, currently litigating in the UK.July 2007: Audits DCS undertake a regional claims audit of a commercial legal expenses TPA on behalf of London Market Insurer. Complaints DCS undertake a regulatory audit in relation to an outsourced service provider's administration of complaints handling per FSA guidelines. "Kiln set to reduce capacity in 2008" June 2007: New Contract Certainty Guidlines May 2007: Audits DCS undertake a quota share reinsurance audit in Dublin for leading London Managing agency. April 2007: Audits DCS undertake 'before the event' commercial legal expenses audit in London for leading UK insurance company. Personnel Richard Bedford joins DCS as an Associate Director. His profile can be found at: http://www.dcsclaims.co.uk/team/richard_bedford.htm March 2007: Inversions The latest newsletter from specialist insurance law firm, Robin Simon LLP “SIPPS – The next mis-selling scandal?” See attached press article Three-year electronic target for London Market The Market Reform Group (MRG) has set a target of three years for the London market to electronically handle all risk submissions, claims and accounting and settlement. The MRG says it wants to improve the cost and efficiencies of operating in London to make it the world's "market of choice". MRG chairman Dane Douetil said: "Our roadmap to reform sets out very clearly how we intend to build on the success so far, and win more business for London". February 2007: Australia Wotton Kearney (Sydney) provide commentary on the most recent round of the Insurance Contracts Act Reforms process. UK Solicitors In the aftermath of the October renewal season, LegalRisk have produced the results of their Top 100 UK solicitors survey… January
2007: Lloyd's A
report on Lloyd's 2007 capacity..
see link DCS
Services DCS
launch EL/PL and Products Liability claims handling services from
both December
2006: Lloyd's Beazley's
rating affirmed by A.M. Best..see
link Audits DCS
undertake 3-day Commercial legal Expenses Audit in November
2006: Audits DCS
undertake a 3-day Worker's Compensation claims audit in October 2006: Legal Lloyd's
Richard
Ward's first
speech to the market... September 2006: Audits
DCS
undertake 2 Regulatory Audits and 1 Claims Audit for the London
Market. For more information on our Audit service click
here. August 2006: To List or not to List? The deadline for foreign companies listed in the USA to comply with Sarbanes Oxley has come to pass.....more Procedural Audit DCS under a Regulatory Audit of a Lloyd's Underwriter's professional indemnity regional binding authority. July 2006: Professional Indemnity Forum Neil McManus, Managing Director of DCS, is a guest speaker at the 2006 Professional Indemnity Forum in Cambridge. The EU's Sarbanes Oxley The EU statutory Audit Directive was issued in June 2006. Please follow this link for further information. Credit Card & Broker Liability Robin Simon LLP consider the 1974 Consumer Credit Act and its surprising source of liability for brokers: Credit Card and Broker Liability June 2006: Case Judgment Judgment of Football League v Hammonds litigation re: itv digital. Home Information Packs Kennedys provide an update regarding the impact of Home Information Packs on Professional Indemnity insurance. May 2006: Audit DCS undertake extensive claims audit of legal expenses division of international insurance services provider for London Insurance Market. April 2006: Sub-broker's duty of care direct to an Insured: March 2006: Professional Liability Review 2005 Simmons & Simmons have compiled a review of important cases from 2005 in the fields of legislation, duty of care, causation & conflicts of interest... February 2006: Aon consider outsourcing back office Aon have confirmed they are considering outsourcing their London Market claims administration & accounting functions to Capita. Foreign Affairs - Who is knocking at your door? Robin Simon LLP examine cooperation between Foreign Regulatory Authorities .....
January 2006: Claims Audit DCS undertake an Accident & Sickness claims audit for Lloyd's run-off Syndicate.
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