British Airways’ ‘textbook’ crisis offers risk management lessons

British Airways’ ‘textbook’ crisis offers risk management lessons

British Airways’ ‘textbook’ crisis offers risk management lessons

The massive IT systems failure at British Airlines (BA) over the weekend is yet another example of the airline industry’s growing dependency on technology, and clearly highlights the need for organisations to beef up their crisis management resources for critical systems. BA is likely to face a multimillion-pound bill following the two-day global IT systems outage that grounded flights at…

City watchdog raids aviation brokers in antitrust probe

City watchdog raids aviation brokers in antitrust probe

City watchdog raids aviation brokers in antitrust probe

The Financial Conduct Authority (FCA) has launched an antitrust investigation into the aviation insurance broking sector. The Financial Times said last week that the City watchdog had made dawn raids on a number of big aviation brokers, as part of a probe into whether they improperly shared confidential client information. The newspaper said the FCA seized computers and information from…

Lloyd’s continues expansion but must watch combined ratios and reserves

Lloyd’s continues expansion but must watch combined ratios and reserves

Lloyd’s continues expansion but must watch combined ratios and reserves

If the Lloyd’s insurance market is a decent yardstick for the state of the international commercial and specialty insurance and reinsurance market, then its recently published annual results suggest that risk and insurance managers worldwide need to brace themselves for tougher renewals in future. The market revealed numbers last week that showed a big jump in gross premiums written, up…

Space insurers pleased to see successful second-hand rocket launch

Space insurers pleased to see successful second-hand rocket launch

Space insurers pleased to see successful second-hand rocket launch

SpaceX, the California-based rocket launch company run by entrepreneur Elon Musk, has successfully re-flown a segment from one of its Falcon 9 rockets – much to the relief of space insurers. The first-stage booster, which had already been used on a mission 11 months ago, sent a telecommunications satellite into orbit from Florida’s Kennedy Space Center this week. Usually, such…

Willis Towers Watson completes purchase of French aviation broker OAAGC

Willis Towers Watson completes purchase of French aviation broker OAAGC

Willis Towers Watson completes purchase of French aviation broker OAAGC

Willis Towers Watson has completed the acquisition of French aviation broker OAAGC, to make it the leading aviation intermediary in France. Under the terms of the deal, first announced last month, OAAGC’s 16-strong team and book of business will transfer to Willis Towers Watson’s global aerospace unit. OAAGC was 40% owned by Gras Savoye, part of the Willis group since…

Willis Towers Watson to buy French aviation broker

Willis Towers Watson to buy French aviation broker

Willis Towers Watson to buy French aviation broker

Willis Towers Watson is in talks to buy the French aviation business and 16-strong team of broker OAAGC. OAAGC is 40% owned by Gras Savoye, part of the Willis group since its acquisition in December 2015. OAAGC’s origins date back to 1898 and the firm has worked in partnership with Willis Towers Watson. The relationship was consolidated by the acquisition…

Tokio Marine Kiln launches online drone insurance

Tokio Marine Kiln launches online drone insurance

Tokio Marine Kiln launches online drone insurance

Tokio Marine Kiln (TMK) has added Unmanned Aerial Systems (UAS) insurance to its One TMK digital exchange. Brokers can now quote and bind UAS policies online in real time from any location. The product, which TMK says features an enhanced policy wording, will be available immediately subject to agreed business terms with TMK and licensing. The One TMK digital exchange…

1 2 3 6