US to sign covered agreement with EU on insurance and reinsurance

US to sign covered agreement with EU on insurance and reinsurance

US to sign covered agreement with EU on insurance and reinsurance

The US Department of the Treasury and the Office of the US Trade Representative have announced their intention to sign the bilateral agreement between the US and the EU on Prudential Measures Regarding Insurance and Reinsurance. The move comes despite opposition to the agreement from the National Association of Insurance Commissioners, which called it an “imprudent leap of faith”, and…

Beazley targets European growth as it creates Dublin-based insurer

Beazley targets European growth as it creates Dublin-based insurer

Beazley targets European growth as it creates Dublin-based insurer

Beazley is converting its existing Dublin-based reinsurance company into an insurance operation after receiving regulatory approval from Irish regulator, the Central Bank of Ireland. Beazley said under the renamed Beazley Insurance dac it will underwrite non-life insurance throughout the EU in addition to its Lloyd’s operations, which will continue to write EU business through Lloyd’s’ proposed insurance company in Brussels,…

EIOPA steps in over insurers’ post-Brexit plans

EIOPA steps in over insurers’ post-Brexit plans

EIOPA steps in over insurers’ post-Brexit plans

Moves across Europe to simplify and fast-track (re)insurance companies relocating operations from the UK to remaining EU member states as a result of Brexit may not be as easy as first thought. Issuing guidance on supervisory convergence, the European Insurance and Occupational Pensions Authority (EIOPA) warned supervisors against lowering their standard entry thresholds to attract new business from the UK,…

CBI lobbies for single market and customs union transition in Brexit talks

CBI lobbies for single market and customs union transition in Brexit talks

CBI lobbies for single market and customs union transition in Brexit talks

The UK should remain in the European Union’s single market and customs agreement until a new trade deal is finalised between the UK and remaining EU members post-Brexit, according to the Confederation of British Industry (CBI). The UK business group said its position has been built on economic research and is due to investor uncertainty. Speaking at a London School…

Global non-life premium growth driven by China and emerging markets in 2016

Global non-life premium growth driven by China and emerging markets in 2016

Global non-life premium growth driven by China and emerging markets in 2016

Another “exceptional performance” in China, together with solid expansion among the emerging countries, saw global non-life premiums grow 3.7% in 2016, down from 4.2% in 2015 but more than the ten-year average growth rate of 2.0%, according to Swiss Re. The reinsurer’s latest sigma report, World insurance in 2016: the China growth engine steams ahead, reveals that premium growth in…

MEPs approve new country-based tax disclosures for multinationals

MEPs approve new country-based tax disclosures for multinationals

MEPs approve new country-based tax disclosures for multinationals

Multinational companies should publicly disclose their tax returns for each country in which they operate, MEPs agreed in a debate and vote at the European parliament yesterday, as they supported a proposal to require firms to report tax by country, including money paid in countries outside the EU. MEPs said the proposal is driven by a need to increase tax…

Liberty Specialty Markets confirms Luxembourg as EU base

Liberty Specialty Markets confirms Luxembourg as EU base

Liberty Specialty Markets confirms Luxembourg as EU base

Liberty Specialty Markets (LSM) has confirmed that it intends to headquarter its post-Brexit EU operations in Luxembourg. LSM will be seeking regulatory approvals to operate via an insurance company and insurance intermediary domiciled in Luxembourg, it said in a statement. The move will enable LSM to continue to offer both Lloyd’s and company paper from its offices throughout the EU…

‘No-deal’ Brexit would hit supply chains and services hard, warns Euler Hermes

‘No-deal’ Brexit would hit supply chains and services hard, warns Euler Hermes

‘No-deal’ Brexit would hit supply chains and services hard, warns Euler Hermes

Failure for the EU and UK to reach a fair trade deal under Brexit negotiations would have big implications for supply chains and services, according to Euler Hermes. In a webinar, Euler Hermes’ Europe economist Ana Boata sketched out three possible scenarios for Brexit negotiations. The credit insurer sees a 55% chance the EU and UK will reach a limited…

Ferma calls for organisations to set up cyber risk governance group with risk managers at the helm

Ferma calls for organisations to set up cyber risk governance group with risk managers at the helm

Ferma calls for organisations to set up cyber risk governance group with risk managers at the helm

Ferma and its audit counterparts have called on European organisations to set up internal cyber risk governance groups led by risk managers, to help manage growing digital threats. The European Confederation of Institutes of Internal Auditing (ECIIA) and Ferma make their case in a new report on cyber risk governance, and presented its findings during a high level event at…

New Petya virus holds corporate networks to ransom

New Petya virus holds corporate networks to ransom

New Petya virus holds corporate networks to ransom

Cyber security experts have issued a fix for the widespread global cyber attack, thought to be a variant of the Petya virus, that emerged yesterday in a similar style to last month’s WannaCry outbreak. The non-discriminate nature of the latest ransomware attack has seized company networks using Windows systems from many countries and across different industries. Companies attacked include UK…

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