Energy market on the edge

Energy market on the edge

Energy market on the edge

Energy insurance buyers have been spared large price hikes following last year’s hurricanes, but questions remain about the sustainability of current market conditions. Hurricanes Harvey, Irma and Maria were predicted to prompt meaningful energy rate increases but have resulted in only “modest” price rises, according to a recent Willis Towers Watson 2018 report on the sector. The limited impact was…

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

SCOR has reorganised its growing SCOR Business Solutions (SBS) unit in a move it says will make the firm more relevant to customers, be easier for brokers to use and help deliver planned growth in the large global corporate primary market. The Paris-based group said that in line with its current strategic ‘Vision in Action’ plan, it is “enhancing the…

HDI Global Specialty formed to focus on high growth and margin business

HDI Global Specialty formed to focus on high growth and margin business

HDI Global Specialty formed to focus on high growth and margin business

Talanx has decided to merge the primary specialty operations of its Hannover Re and HDI Global operations to create HDI Global Specialty, an international specialty insurer that will kick off with more than €1bn in premium income. HDI Global, along with the other leading industrial insurers, is struggling to deliver strong and profitable growth in core traditional European lines and…

RKH Specialty signals Asia push with new CEO appointment

RKH Specialty signals Asia push with new CEO appointment

RKH Specialty signals Asia push with new CEO appointment

International broking group RKH Specialty has appointed Stuart Beatty as its new chief executive for Asia-Pacific, a position he previously occupied at JLT Re. The position, which is based in Singapore, is newly created and signals RKH Specialty’s intention to develop a larger presence in the region. Its most senior executive in Asia was Singapore chief executive Karly Shaw, who…

Rate rises ‘disappoint’ energy insurers: Willis Towers Watson

Rate rises ‘disappoint’ energy insurers: Willis Towers Watson

Rate rises ‘disappoint’ energy insurers: Willis Towers Watson

The tough stance taken by energy underwriters on terms and rates in the immediate aftermath of the three large Gulf of Mexico hurricanes last year has not been sustained, according to Willis Towers Watson’s 2018 report on the sector. While year-on-year rate decreases in the global energy market ended abruptly following the 2017 hurricane season, buyers have found premium increases…

Berkshire Hathaway opens Perth office for specialty insurance

Berkshire Hathaway opens Perth office for specialty insurance

Berkshire Hathaway opens Perth office for specialty insurance

Commercial insurer Berkshire Hathaway Specialty Insurance (BHSI) has expanded its Australian presence with an office opening in Perth, Western Australia. The new office will be led by casualty underwriting head Anthony Prindiville and property underwriting head Mark Shephard. The Perth office will add to BHSI’s existing branches in Sydney, Melbourne and Brisbane and will focus on underwriting casualty, property, mining,…

Aegis bucks 2017 loss trend

Aegis bucks 2017 loss trend

Aegis bucks 2017 loss trend

Lloyd’s insurer Aegis London has squeezed a small but significant profit out of 2017, in a year that saw catastrophes wipe out profits for most of its competitors in the London and international markets. Aegis London recorded a combined ratio of 99% last year, and although that was up from 91% in 2016, Aegis London said remaining in profit sets…

Long-tenor political risk insurance kickstarts $1.4bn clean energy investment in Africa

Long-tenor political risk insurance kickstarts $1.4bn clean energy investment in Africa

Long-tenor political risk insurance kickstarts $1.4bn clean energy investment in Africa

An insurance initiative has been launched to provide $1.4bn in additional clean energy investment across Africa. Munich Re, the African Trade Insurance Agency (ATI) and the European Investment Bank (EIB) have created the African Energy Guarantee Facility (AEGF) as the first dedicated reinsurance facility for sustainable energy projects across Africa. The joint initiative will tackle key investment challenges that have…

XL Catlin appoints EMEA head of energy

XL Catlin appoints EMEA head of energy

XL Catlin appoints EMEA head of energy

XL Catlin has appointed Nicola Harris as head of energy for the EMEA region. From her base in Dubai, Ms Harris will lead XL Catlin’s energy underwriting teams in Dubai, Paris, Amsterdam and Madrid. She will also develop insurance solutions for the energy sector. Ms Harris joins XL Catlin from Allianz Global Corporate & Specialty, where she was head of…

BI risks rise for energy sector as supply chains intertwine, warns Marsh

BI risks rise for energy sector as supply chains intertwine, warns Marsh

BI risks rise for energy sector as supply chains intertwine, warns Marsh

Global energy firms face growing business interruption (BI) risks during the next ten years following changes to business practices, including supply chain integration and asset consolidation, according to Marsh. At its Energy Industry Conference in Dubai this week, the broker also noted that about three quarters of energy executives view BI as the biggest cyber loss concern. In a report…

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