Sompo gets the go-ahead for Luxembourg EU springboard

Sompo gets the go-ahead for Luxembourg EU springboard

Sompo gets the go-ahead for Luxembourg EU springboard

Bermuda’s Sompo International has received the regulatory green light from the Ministry of Finance of Luxembourg to establish a new subsidiary, SI Insurance (Europe). SIIE, which will become operational later in 2018, provides the company with an underwriting platform to service its clients across the European Economic Area after Brexit. Takashi Kurumisawa has been appointed CEO of the new company.…

European Risk Frontiers survey already throwing up surprising results – take part!

European Risk Frontiers survey already throwing up surprising results – take part!

European Risk Frontiers survey already throwing up surprising results – take part!

Our annual european risk Frontiers survey of Europe’s leading risk managers, sponsored again by HDI Global, is this year being expanded to include a wider range of risk professionals by adding snap polls at industry events and online Q&As with our readers. This approach has already produced some interesting results that we believe will pose serious questions for the insurance…

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

The most complex nation in terms of financial compliance is China, according to the latest Financial Complexity Index 2018 from TMF Group, largely driven by the continued embedding of the Golden Tax System, which aims to introduce stricter monitoring and enhanced data sorting and transparency. The Cayman Islands was the least complex jurisdiction out of the 94 jurisdictions covered by…

Maersk calls for more cyber cover in traditional P&C policies

Maersk calls for more cyber cover in traditional P&C policies

Maersk calls for more cyber cover in traditional P&C policies

Danish shipping and logistics company Maersk has recently purchased standalone cyber insurance for the first time, but is urging P&C insurers to remove cyber exclusions from traditional covers to simplify things for buyers. Maersk was one of the highest profile casualties of the NotPetya malware attack in June 2017, which caused major disruption at more than 70 of the company’s…

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Turbulence in political risk – particularly Brexit negotiations, trade protectionism and the North Korea missile crisis – will continue into 2018 and feature high on the agenda of multinationals, Marsh said on publishing its Political Risk Map 2018 with BMI Research. In Europe, the political risk landscape continues to be dominated by the UK’s exit from the European Union and…

Navigators’ post-Brexit strategy takes shape

Navigators’ post-Brexit strategy takes shape

Navigators’ post-Brexit strategy takes shape

To succeed as a global insurer, it is necessary to have underwriters on the ground in local markets, including Europe, according to Navigators Group president and CEO Stan Galanski. In a fourth-quarter earnings call, Mr Galanski said Navigators’ acquisition of Benelux insurers ASCO and BDM last year is part of a strategy to expand the US insurer’s specialty business in…

January storm losses in Europe match annual total for 2017

January storm losses in Europe match annual total for 2017

January storm losses in Europe match annual total for 2017

Insured losses from European windstorms this January, causing an estimated bill of more than $2bn, have already matched total insured windstorm losses in the region for the whole of 2017, according to Aon Benfield’s Impact Forecasting monthly global catastrophe report. Windstorms Friederike, Eleanor and Carmen struck parts of Europe last month. Friederike was the most severe storm, killing at least…

Ferma and CRE launch 2018 Risk Awards

Ferma and CRE launch 2018 Risk Awards

Ferma and CRE launch 2018 Risk Awards

Ferma and Commercial risk Europe are pleased to announce the launch of our European Risk Management Awards programme for 2018, which aims to promote the value and standing of risk management in Europe, culminating in a gala dinner in Brussels this November. This year’s programme will see a new Emerging Risk Initiative of the Year award for risk managers, as…

Cyberattacks disrupt leading Dutch banks

Cyberattacks disrupt leading Dutch banks

Cyberattacks disrupt leading Dutch banks

The three largest Dutch banks have reported several cyberattacks during the weekend and into Monday, which affected online banking services and access to websites, according to local press. ING reported a distributed denial of service (DDoS) attack on Sunday, although services were quickly restored. ING said: “During the DDoS attack, ING’s internet site was blasted with data traffic, causing our…

Dutch government gives notice on earthquake-risk Groningen gas plant

Dutch government gives notice on earthquake-risk Groningen gas plant

Dutch government gives notice on earthquake-risk Groningen gas plant

The Dutch government has written to 200 of the largest companies in the Netherlands to warn them that they have four years to replace the natural gas they use from the Groningen field as production from the site is phased out, according to reports. Dutch broadcaster NOS said companies received a letter from the minister for economic affairs, Eric Wiebes,…

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