AGCS appoints energy underwriter in London

AGCS appoints energy underwriter in London

AGCS appoints energy underwriter in London

Allianz Global Corporate & Specialty (AGCS) has appointed Zoe Massie as offshore energy underwriter. Working in the energy team in London, Ms Massie will report to Tracey Hunt, AGCS regional head of energy, London. Ms Massie joins AGCS from Talbot Underwriting in London, where she was an underwriter offering bespoke insurance and reinsurance coverages and policies for oil and gas…

Power deal for Uganda and Sudan

Power deal for Uganda and Sudan

Power deal for Uganda and Sudan

Siemens has signed a memorandum of understanding (MoU) to work more closely with the African countries Uganda and Sudan in terms of power supply, industry, transport and healthcare. The African states signed the MoU at the World Economic Forum 2017 in the South African city of Durban. “Africa’s economies are gaining ground and can develop their full potential with the…

Energy insurance stuck in soft market, but conditions can change quickly warns Willis

Energy insurance stuck in soft market, but conditions can change quickly warns Willis

Energy insurance stuck in soft market, but conditions can change quickly warns Willis

Global energy insurance markets are still stuck in a softening market, albeit a decelerating one, according to Willis Towers Watson’s Energy Market Review for 2017. But whilst this may be the ‘new normal’, Willis warns that market conditions can change rapidly, and buyers should start to consider long-term, non-cancellable policies with their strategic risk partners. The review states that the…

No end in sight for soft market: Greenberg

No end in sight for soft market: Greenberg

No end in sight for soft market: Greenberg

Evan Greenberg believes there is no end in sight to the current soft global P&C insurance market conditions, but noted that pricing is unsustainable with the insurance industry storing up future problems. Mr Greenberg told Chubb’s shareholders to expect the soft market to persist for a while yet.  “We have a soft and softening market producing headwinds that will likely…

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…

Mitsui takes 11% stake in UIB Group

Mitsui takes 11% stake in UIB Group

Mitsui takes 11% stake in UIB Group

The international insurance broker UIB Group Ltd (UIB) has confirmed that Mitsui Sumitomo Insurance Company (MSI) has recently taken an 11% shareholding in UIB Group, the holding company of United Insurance Brokers Ltd. It said that the arrangement is an extension of a long-term partnership, with the existing management of UIB still holding control of the business. Bassem Kabban, chairman…

Chubb MENA makes four underwriting appointments

Chubb MENA makes four underwriting appointments

Chubb MENA makes four underwriting appointments

Chubb has made four appointments to its underwriting team in MENA, as it continues to build its insurance capabilities in the region. Adam Groves, currently senior underwriter, oil and energy for Chubb in MENA, has been promoted to the role of regional manager, oil and energy, MENA. He will continue to be based in Dubai, reporting to Mojgan Khoshabi, regional…

Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Political events can have a significant influence on the price of oil, but the price of oil also has a strong influence on political events. In 2016, the latter was in full force, with enormous geopolitical consequences from the downturn in the price of oil, according to a new report from Marsh. Its 2017 Oil and Gas Risk Reward Index…

Insurers urged to address emerging fracking risks

Insurers urged to address emerging fracking risks

Insurers urged to address emerging fracking risks

Insurers need to address growing fracking risks and develop policies to specifically cover the emerging threat, according to a new report from the Chartered Insurance Institute (CII). The report, which is focused on UK risks, says the expected increase in onshore fracking following government support for the technique needs to be tackled head-on by insurers through designing specific policy cover.…

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