What’s new: In brief (July 20, 2004)

U.K. risk managers are welcoming word from the Financial Services Authority (FSA) that they will not be considered “intermediaries” under the new U.K. regulations. The Association of Insurance & Risk Managers (AIRMIC) says a letter it received from the FSA means most risk managers will not have to apply for a license from the regulator in order to buy insurance.

Royal & SunAlliance has raised 450 million pounds of upper tier II subordinated debt through a “roadshow” across the U.K. The proceeds will be used in part to repay a subordinated loan denominated in Yen, while the balance will support general business purposes.

RBC Insurance has launched regional resource centers for its life and health business, with Neil Paton taking the helm as vice president of distribution for the l&h business. Phil Nemeth becomes western regional vice president, with John McMeans taking over the central region and Madeleine B. Lafontaine as eastern regional vice president. They will be based in Vancouver, Toronto and Montreal, respectively.