The case for covering D&O in a global programme

The case for covering D&O in a global programme

The case for covering D&O in a global programme

For many Spanish companies, expanding into new markets outside Spain has proved to be a productive path to profitable growth. When Spain’s and much of the world’s economy took a nosedive in 2008, Spanish companies started to expand into other markets to compensate for the challenges in their home country. And international expansion was not limited to just a handful…

EC proposes financial supervisory reforms giving stronger role for EIOPA

EC proposes financial supervisory reforms giving stronger role for EIOPA

EC proposes financial supervisory reforms giving stronger role for EIOPA

The European Commission (EC) has proposed reforms to pave the way for further financial integration, which will improve the mandates, governance and funding of the European Supervisory Authorities (ESAs), including the European Insurance and Occupational Pensions Authority (EIOPA). The EC said the ESAs “are pivotal in ensuring that financial markets across the EU are well regulated, strong and stable”, adding:…

IAIS paper recognises value of mutual and cooperative insurers

IAIS paper recognises value of mutual and cooperative insurers

IAIS paper recognises value of mutual and cooperative insurers

The International Association of Insurance Supervisors (IAIS) has published an application paper on the regulation and supervision of mutuals, cooperatives and community-based organisations (MCCOs). The paper has been welcomed by two leading mutual insurance associations, which said it recognises the value of mutual and cooperative insurers, and acknowledges the need for appropriate regulation of different types of insurer. The International…

Starr to relocate EU base in Malta

Starr to relocate EU base in Malta

Starr to relocate EU base in Malta

The Maltese insurance sector received a significant boost this week as the government revealed that Starr Companies, the US-based global insurance and reinsurance group led by former AIG CEO Hank Greenberg, will relocate its European base to Malta. Maltese Prime Minister Joseph Muscat is in New York this week for a United Nations (UN) meeting and is due to address the…

EC proposes new measures to boost cybersecurity and flow of data in EU

EC proposes new measures to boost cybersecurity and flow of data in EU

EC proposes new measures to boost cybersecurity and flow of data in EU

The European Commission (EC) has proposed a wide-ranging set of measures to beef up cybersecurity in the EU, which include a set of tools to ensure Europe and its organisations are better equipped to deal with cyberattacks. The EC has also put forward new rules to facilitate free flow of non-personal data across the EU and create a digital single…

XL’s insurance firm set for Dublin move because of Brexit

XL’s insurance firm set for Dublin move because of Brexit

XL’s insurance firm set for Dublin move because of Brexit

XL Group has announced plans to move its EU insurance company to Dublin from the UK in order to deal with the repercussions of Brexit. It becomes the latest in a long line of insurers setting up in the EU to allow customers continued access to its goods and services. Subject to regulatory approval, the group’s principal EU insurance company,…

Insurance Europe still has concerns despite improvements in OECD’s BEPS guidance

Insurance Europe still has concerns despite improvements in OECD’s BEPS guidance

Insurance Europe still has concerns despite improvements in OECD’s BEPS guidance

Insurance Europe has noted improvements in the Organisation for Economic Co-operation and Development’s (OECD) revised discussion draft on its base erosion and profit shifting (BEPS) Action 7, but has raised concerns about the attribution of profits to permanent establishments (PEs). The concerns are because, for some insurance business models, PEs would be recognised for tax, but not for regulatory purposes.…

Chubb chooses Paris as post-Brexit EU headquarters

Chubb chooses Paris as post-Brexit EU headquarters

Chubb chooses Paris as post-Brexit EU headquarters

Chubb plans to locate its EU headquarters in Paris if the UK leaves the EU as expected in March 2019. The insurer said the move would allow it to continue to serve continental European clients whatever the terms of Brexit. Chubb said the move is dependent on receiving regulatory and other government approvals. The firm said it will continue to…

German buyers keeping one eye on Brexit repercussions

German buyers keeping one eye on Brexit repercussions

German buyers keeping one eye on Brexit repercussions

German risk managers are not overly worried about the disruptive impact Brexit could have upon the London market and continuity of coverage, according to Alexander Mahnke, president of the German risk and insurance management association GVNW. During his opening remarks at the annual GVNW Symposium in Munich yesterday, Mr Mahnke said, however, there are concerns that if negotiations falter and…

BMS launches new European venture in Spain

BMS launches new European venture in Spain

BMS launches new European venture in Spain

Independent insurance and reinsurance broker BMS Group has launched a new European venture, BMS Iberia. The new venture will provide BMS with a long-term solution for accessing business in the EU post-Brexit. BMS said the launch of BMS Iberia is consistent with its “global integrated hub-and-spoke strategy” and will complement its existing international operations, focusing at the outset on a…

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