UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK corporate insurance buyers have avoided the hefty rate rises some predicted following record catastrophe-driven losses in the insurance and reinsurance markets last year, with the market largely flat, according to line-by-line analysis by Willis Towers Watson. However, with rate rises failing to materialise, buyers may instead face more selective underwriting as insurers focus on costs and reassess the quality…

XL Catlin names Tim Powell CUO of international financial lines

XL Catlin names Tim Powell CUO of international financial lines

XL Catlin names Tim Powell CUO of international financial lines

XL Catlin has appointed Tim Powell as chief underwriting officer for international financial lines business. Effective from 1 March, Mr Powell will be promoted from his current post as product group leader for Asia-Pacific financial lines. In his new role, Mr Powell will be responsible for XL Catlin’s financial lines portfolio in all regions outside the US. The company said…

European D&O insurers pull back from US risks

European D&O insurers pull back from US risks

European D&O insurers pull back from US risks

French companies with US D&O exposures are facing potential rate hikes as European insurers react to a steep rise in US securities class actions. The US has seen an explosion in securities class action filings in 2017. According to NERA Economic Consulting, there were 432 US federal securities class actions filed in 2017, 44% more than 2016 and the highest…

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

The cryptocurrency craze has led a number of major insurers to consider policies offering protection against theft and other risks, according to Reuters. Meanwhile, international regulators and central bankers are looking to introduce measures to protect investors and companies against a cryptocurrency crash or financial fraud from unregulated crypto operators. Currently, only a handful of insurers – XL Catlin, Chubb…

Beazley expands European financial lines team

Beazley expands European financial lines team

Beazley expands European financial lines team

Beazley has appointed three new speciality underwriters in Europe after launching its financial lines hub in Barcelona last October. The new underwriters will fill local financial lines positions in Germany, France and Italy to boost Beazley’s international specialty lines book in continental Europe. Matteo Segalini will join Barcelona’s hub as financial lines underwriter, but focused on the Italian market. Mr…

Global economy buoyant in 2018 but risks remain: Coface

Global economy buoyant in 2018 but risks remain: Coface

Global economy buoyant in 2018 but risks remain: Coface

Global economic growth is forecast to continue apace in 2018 after political risk failed to cause the damage predicted in 2017, although the year ahead brings its share of risk, according to credit insurer Coface. Coface said despite concerns that 2017 would be mired by protectionism and political tension, the year “held some pleasant economic surprises”. Just 13 countries ended…

Kroll reports fraud, cyber and security threats at all-time high

Kroll reports fraud, cyber and security threats at all-time high

Kroll reports fraud, cyber and security threats at all-time high

Fraud, cyber and security incidents reached an all-time high in 2017, according to a new report from Kroll that also finds the economic impact of fraud on the rise. Kroll has been tracking these risks during the past ten years, with its latest findings published in the company’s Global Fraud & Risk Report 2017. A survey of 540 global executives,…

Credit insurers predict £31m loss from Carillion collapse with uptick in UK insolvencies expected

Credit insurers predict £31m loss from Carillion collapse with uptick in UK insolvencies expected

Credit insurers predict £31m loss from Carillion collapse with uptick in UK insolvencies expected

Trade credit insurers are bracing for claims following the collapse of UK construction group Carillion last week, with the Association of British Insurers (ABI) expecting a bill of £31m for non-payment coverages extended to suppliers and creditors of the firm. Experts also predict a wider uptick in UK insolvencies ahead of Brexit. Carillion, which employed 43,000 staff globally, collapsed owing…

BI, cyber and nat cats top 2018 Allianz Risk Barometer

BI, cyber and nat cats top 2018 Allianz Risk Barometer

BI, cyber and nat cats top 2018 Allianz Risk Barometer

Business interruption (BI), cyber and natural catastrophes are the leading business risks this year, according to more than 1,900 risk experts from 80 countries polled for the latest Allianz Risk Barometer. The survey by Allianz Global Corporate and Specialty (AGCS), reveals that BI and cyber also remain the leading two risks in Europe, where changes to legislation/regulation and natural catastrophes…

Willis Towers Watson bolsters Channel Islands business with new appointments

Willis Towers Watson bolsters Channel Islands business with new appointments

Willis Towers Watson bolsters Channel Islands business with new appointments

Willis Towers Watson has appointed Alex Steele and Russell Nicholson to its Guernsey-based financial institutions practice, with joint responsibility for client relationships. Anthony Kay will take on the same role in Jersey. Willis Towers Watson said the appointments demonstrated its commitment to the Channel Islands. Ms Steele has worked for Willis Towers Watson since 2006 in a number of client…

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