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Treasury to review Lloyd's governance
The U.K. Treasury is to make a series of proposals regarding the governance of Lloyd's of London. In a statement the Treasury said that the proposals would take the form of a Legislative Reform Order to amend the Lloyd's Act 1982. The aim of the proposals will be to update the governance arrangements of the market to reduce costs and unnecessary bureaucracy, the government department said. Following a consultation period, the proposals will be published early in 2008.
BNP Paribas wins sex discrimination case
The woman at the centre of a high profile sex discrimination case against a leading investment bank has lost her case. Katharina Tofeji brought an action for sex discrimination, victimization and constructive dismissal against the London branch of Paris-based BNP Paribas on the grounds of the way she was treated following her return to work after maternity leave. Ms. Tofeji's solicitor, Samantha Mangwana, who works at London-based Russell Jones & Walker, described the failure of the case in a statement as, "a missed opportunity to deal with the widespread sex discrimination in the City that still persists." She and her client were looking into the possibility of an appeal.
Merger of Bulgarian operations for Vienna
Wiener Städtische Versicherung A.G. (Vienna Insurance Group) will consolidate its Bulgarian operations under the Bulstrad brand. At present, Vienna Insurance Group has majority stakes through TBIH Financial Services Group N.V. in Sofia, Bulgaria-based Bulstrad Non-Life and Bulstrad Life, and a nearly 100% holding in Bulgarski Imoti Life and Bulgarski Imoti Non-Life, also in Sofia.
Management reshuffle for Kiln Group
Edward Creasy has been named group chief executive officer of Kiln Ltd., the recently formed Bermuda-based holding company for specialty insurance and reinsurance group, Kiln. As part of its restructuring Kiln also named Peter Haynes as group chief financial officer and Robert Chase as group director of underwriting. Charles Franks has been named chief executive officer of R.J. Kiln & Co. Ltd., which manages operations that include four syndicates at Lloyd's of London.
Montpelier syndicate given approval
Lloyd's of London has given the go-ahead for a new syndicate to begin trading owned by Hamilton, Bermuda-based Montpelier Re Holdings Ltd.'s. Syndicate 5151, which will underwrite nonmarine property, engineering and some casualty business, will have an initial stamp capacity of £47 million (€34.98 million) for 2007. This will rise to £143 million (€106.45 million) in 2008, subject to market conditions.