Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captive insurance vehicles are rapidly growing in popularity as risk managers seek alternative ways to finance emerging risks their organisations now face, according to Marsh. The broker’s 2018 Captive Landscape Report: 50 Years of Risk Financing Innovation, highlights considerable growth in the last five years in captives writing cyber liability, employee benefits and terrorism coverage. It also points out that…

Regulatory and political risk tops insurance CFOs’ concerns, Moody’s survey finds

Regulatory and political risk tops insurance CFOs’ concerns, Moody’s survey finds

Regulatory and political risk tops insurance CFOs’ concerns, Moody’s survey finds

European insurers have placed regulatory and political risk as their number one concern, according to the 2018 edition of Moody’s’ annual survey of leading insurers’ chief financial officers (CFOs). Moody’s said this was driven by a recent proliferation of regulatory initiatives, including the MIFID II regime, the IFRS17 accounting standard, and the General Data Protection Regulation. The ratings agency said…

Further M&A activity in the re/insurance sector expected, says Hogan Lovells

Further M&A activity in the re/insurance sector expected, says Hogan Lovells

Further M&A activity in the re/insurance sector expected, says Hogan Lovells

There will be further consolidation in the reinsurance and P&C sectors and continuing private equity activity will remain at the forefront of mergers and acquisitions (M&A) in 2018, according to Hogan Lovells. A new paper from the law firm, Insurance M&A 2017/2018, states that overall, insurance M&A activity during 2017 could be characterised as a case of quality over quantity,…

UK insurers remain uncertain over approach to key Solvency II requirements

UK insurers remain uncertain over approach to key Solvency II requirements

UK insurers remain uncertain over approach to key Solvency II requirements

Significant uncertainty remains in the UK insurance industry concerning the approach to key Solvency II requirements, according to a survey by Willis Towers Watson. The survey of 39 property and casualty (P&C) insurers in the UK, with a combined underwriting value of more than £10bn of premiums and in excess of £24bn of reserves in 2017, found that 80% agreed…

RFIB’s holding company to rebrand and set up captive manager

RFIB’s holding company to rebrand and set up captive manager

RFIB’s holding company to rebrand and set up captive manager

CCP TopCo, the holding company of Lloyd’s broker RFIB, is renaming the business as the Risk Transfer Group (RTG) and is planning to establish a UK captive management business. RTG is launching a new strategy to double its revenue from the current £50m to £100m by 2021. The company said the revenue growth will be achieved through RFIB Group becoming…

Vermont’s new law offers onshore reinsurance alternative

Vermont’s new law offers onshore reinsurance alternative

Vermont’s new law offers onshore reinsurance alternative

Vermont has brought in new legislation designed to strengthen its financial services industry. According to Vermont’s Department of Economic Development, the new law offers an onshore-affiliated reinsurance alternative to insurance companies affected by the recent imposition of the Base Erosion Anti-Abuse Tax (BEAT) on reinsurance ceded to offshore affiliates. Vermont said it is the first state to provide this type…

Cyber insurance grows in US, especially among large companies, states Best report

Cyber insurance grows in US, especially among large companies, states Best report

Cyber insurance grows in US, especially among large companies, states Best report

Larger US companies, especially financial institutions and healthcare companies, are increasing cyber coverage, and the US market for cyber insurance grew significantly in 2017, according to a new AM Best special report. It reveals that direct premiums written rose nearly 32% year over year to $1.8bn, and policies in force jumped 24% to 2.6 million. However, Best notes that, despite…

No guarantees over continuity of insurance policies post-Brexit, says EU

No guarantees over continuity of insurance policies post-Brexit, says EU

No guarantees over continuity of insurance policies post-Brexit, says EU

There are no guarantees that insurance policies will not be affected by Brexit, according to the EU’s financial services chief, Reuters has reported. The news agency quoted Valdis Dombrovskis, vice-president for the euro and social dialogue, and in charge of financial stability, financial services and capital markets union, saying it is up to firms to take preventive measures. Mr Dombrovskis…

Ten factors in choosing an insurer for a global insurance programme

Ten factors in choosing an insurer for a global insurance programme

Ten factors in choosing an insurer for a global insurance programme

Choosing an insurer for a global insurance programme is not an easy task, but there are a number of factors that can help risk managers to decide which insurers are appropriate for running a global programme. Here are the top ten factors to take into consideration. 1. Global representation Global representation is clearly of vital importance. A multinational programme requires…

British Overseas Territories required to establish public registers of beneficial ownership

British Overseas Territories required to establish public registers of beneficial ownership

British Overseas Territories required to establish public registers of beneficial ownership

An amendment to the Sanctions and Anti-Money Laundering Bill has been passed by the House of Commons, which will force British overseas territories – including the Cayman Islands, the British Virgin Islands (BVI), Gibraltar and Bermuda – to publicly reveal the owners of companies based in the territories. The amendment requires the British Overseas Territories to establish public registers of…

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