CNA Hardy names CEO of new Luxembourg subsidiary

CNA Hardy names CEO of new Luxembourg subsidiary

CNA Hardy names CEO of new Luxembourg subsidiary

Commercial insurer CNA Hardy has appointed Stuart Middleton as CEO of its new Luxembourg subsidiary. The appointment follows CNA Hardy’s announcement last June that it would establish a new European subsidiary to head off uncertainty over the UK’s decision to leave the European Union. It said Luxembourg provides an ideal base between its three offices in continental Europe. Mr Middleton,…

UK regulator aims to reduce Solvency II reporting burden

UK regulator aims to reduce Solvency II reporting burden

UK regulator aims to reduce Solvency II reporting burden

The UK’s Prudential Regulation Authority (PRA) has published a consultation paper (CP) proposing a number of regulatory changes it says are designed to reduce the reporting burden for Solvency II firms and mutuals, while maintaining the PRA’s ability to meet its statutory objectives and to supervise firms. The PRA says the CP is relevant to all UK Solvency II firms,…

ECJ offers further guidance on compulsory insurance regime

ECJ offers further guidance on compulsory insurance regime

ECJ offers further guidance on compulsory insurance regime

There has been a seemingly endless procession of decisions from the European Court of Justice (ECJ), most notably Vnuk, compelling risk managers to consider whether a range of vehicles ranging from forklifts to golf buggies required compulsory motor insurance, even when used on private land. However, it remained unclear whether a vehicle capable of dual functions, such as a tractor,…

Ferma and insurers on watch as EC paves way for more EU-wide class actions

Ferma and insurers on watch as EC paves way for more EU-wide class actions

Ferma and insurers on watch as EC paves way for more EU-wide class actions

The European risk management and insurance industries are beefing up lobbying efforts in response to the planned introduction of new European Commission (EC) rules this March that would make it easier for European consumers to bring class actions and seek compensation from companies. The EU already has a framework in place, led by the Injuctions Directive, designed to make it…

Risks for UK manufacturers tip the balance in 2018

Risks for UK manufacturers tip the balance in 2018

Risks for UK manufacturers tip the balance in 2018

UK manufacturers said they face more risks than opportunities in 2018, with Brexit dominating the list of concerns, according to a new survey from manufacturers’ organisation EEF and AIG. Yet at the same time, the survey found that UK manufacturers are more optimistic about the global economic outlook since 2014, with 42% of companies expecting global trading conditions to be…

Poland’s risk rating unchanged as EC considers sanctions

Poland’s risk rating unchanged as EC considers sanctions

Poland’s risk rating unchanged as EC considers sanctions

Measures taken by the European Commission (EC) against Poland over its national law on judicial appointments are negative for the country’s risk rating but are unlikely to result in a downgrade, according to credit insurer Coface. But the risk rating might be affected by future action, it added. In an assessment note following the EC’s recommendation to member states to…

UK motor industry begins journey to autonomous future

UK motor industry begins journey to autonomous future

UK motor industry begins journey to autonomous future

The UK is to begin its journey to an autonomous driving future in 2018, with the enactment of the Automated and Electric Vehicles Bill. The Bill, which is based on insurance industry proposals, will extend compulsory motor insurance to include the use of autonomous vehicles. The road to regulation in the UK is being watched closely by those in Europe…

Munich Re readies GDPR compliance tool as experts warn many firms not ready for new rules

Munich Re readies GDPR compliance tool as experts warn many firms not ready for new rules

Munich Re readies GDPR compliance tool as experts warn many firms not ready for new rules

Help is at hand for businesses struggling to be ready for the EU’s General Data Protection Regulation (GDPR), which comes into force in May 2018. Munich Re is putting the finishing touches to a tool it says will help companies understand how their business stores and uses personal data. Under the GDPR rules, companies that collect personal information must be…

BoE says EEA insurers can apply for branch authorisation

BoE says EEA insurers can apply for branch authorisation

BoE says EEA insurers can apply for branch authorisation

Insurers have welcomed the Bank of England’s pre-Christmas announcement that it will allow international insurers to operate their branches normally in the UK following Brexit. It added that it is consulting on an updated approach to authorising and supervising international insurers. Bruce Carnegie-Brown, chairman of Lloyd’s, said: “We welcome the government’s proactive approach to the supervision of international insurers, which,…

Lloyd’s plans to ‘do more with what it has’

Lloyd’s plans to ‘do more with what it has’

Lloyd’s plans to ‘do more with what it has’

Lloyd’s is planning to switch its focus from acquiring new international licences to maximising business opportunities from existing markets, according to a New Year email circulated by CEO Inga Beale and chairman Bruce Carnegie-Brown. “Where Vision 2025 had a focus on acquiring new Lloyd’s international licences, feedback from the market suggested that, given current market conditions, we should focus on…

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