Thomas Miller Specialty appoints new team to underwrite general aviation

Thomas Miller Specialty appoints new team to underwrite general aviation

Thomas Miller Specialty appoints new team to underwrite general aviation

Underwriting agency Thomas Miller Specialty has launched a general aviation business to sit alongside its existing marine, offshore, aerospace and cyber insurance lines. Nic Vine, underwriting director, will head up the new unit with Bruce Dovey appointed as senior underwriter and Simon Ingrouille as underwriter. The team will work from a branch office in St Martin, Guernsey and Thomas Miller…

Mapfre Global Risks sets up in London aviation market to drive international growth

Mapfre Global Risks sets up in London aviation market to drive international growth

Mapfre Global Risks sets up in London aviation market to drive international growth

Mapfre Global Risks (MGR) is moving into London’s aviation insurance market by appointing former Willis Towers Watson man Oscar Becerra as aviation underwriter in the market. This will be the first time MGR will write aviation business directly from London and continues its strategy of driving international growth from the UK’s capital. Mr Becerra, who joins from Willis Towers Watson,…

Marsh unveils new global management structure and divisions

Marsh unveils new global management structure and divisions

Marsh unveils new global management structure and divisions

Marsh has announced a new global management structure that includes newly-formed Global Placement & Specialties and Global Risk & Digital (GR&D) divisions. The broker has also made new appointments to Marsh International and its executive team. Marsh’s new Global Placement & Specialties division encompasses its insurance placement activities as well as its global industry and practice specialties. Dean Klisura is…

JLT acquires Belgian specialty broker to boost EU platform

JLT acquires Belgian specialty broker to boost EU platform

JLT acquires Belgian specialty broker to boost EU platform

Broker JLT has joined London market insurers in establishing a platform for EU business post-Brexit. JLT said it has acquired Belgian specialty broker Belgibo from EXMAR Group to complement its existing Benelux operations, but also to support its service to clients in all 26 EU states and three European Economic Area states, after the UK has left the EU. Based…

Falling premium rates and competition to hit Lloyd’s, says Moody’s

Falling premium rates and competition to hit Lloyd’s, says Moody’s

Falling premium rates and competition to hit Lloyd’s, says Moody’s

Growing competition combined with tepid economic conditions and a likely reduction in reserve releases will put pressure on premium rates, growth and profitability at Lloyd’s, according to a report by Moody’s Investors Service. The firm says growth could even be sent into reverse in 2017/2018 because of falling premium rates, which have affected many of Lloyd’s’ core business lines including…

New models to help insurers with clash risks

New models to help insurers with clash risks

New models to help insurers with clash risks

Catastrophe modelling firm Risk Management Solutions (RMS) and the Cambridge Centre for Risk Studies (CRS) are developing tools to help insurers standardise exposure data and model clash risks. CRS is creating a set of exposure standards for risks that are currently not well modelled by insurers. These standards could help bring consistency to information supplied by corporate buyers, as well…

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…

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