Risk managers warned to expect disruption in specialty lines

Risk managers warned to expect disruption in specialty lines

Risk managers warned to expect disruption in specialty lines

European risk managers do not need to brace themselves for a dramatic overall market hardening during 1 January renewals as a result of the recent slew of hurricanes, according to Jeff Moghrabi, division president, continental Europe at Chubb. But the insurer warned that Chubb expects rates to firm for catastrophe-exposed risks. The recent natural catastrophes will inevitably put further pressure…

AIG posts $1.7bn Q3 loss on back of catastrophes and reserving

AIG posts $1.7bn Q3 loss on back of catastrophes and reserving

AIG posts $1.7bn Q3 loss on back of catastrophes and reserving

AIG has posted a larger than expected loss in the third quarter of 2017, after heavy catastrophe claims and a surprise reserving charge for commercial insurance. The New York-based insurance group posted a third-quarter net loss of $1.74bn, compared with income of $462m during the same period of 2016. The loss was the result of $3bn in catastrophe losses and…

Beazley starts financial lines rollout in Spain

Beazley starts financial lines rollout in Spain

Beazley starts financial lines rollout in Spain

Beazley has launched a new set of financial lines insurance products in the Spanish market for its commercial and financial institution clients. Beazley said the new products will be rolled out to other European markets – including Germany, France and Italy – during the next few months as it seeks to grow specialty lines outside the US. The new suite…

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Loss adjuster Charles Taylor Adjusting has appointed Glyn Symonds as director of operations in France. Based at the company’s new Marseille office, Mr Symonds will oversee Charles Taylor Adjusting’s French offices. He will identify new business opportunities in France and be responsible for claims in the country and French-speaking territories. Mr Symonds joins Charles Taylor Adjusting after a 40-year career…

Confidence down at UK multinationals as risk ‘blindspots’ surface

Confidence down at UK multinationals as risk ‘blindspots’ surface

Confidence down at UK multinationals as risk ‘blindspots’ surface

As UK multinationals report a marked drop in confidence levels in response to political and economic upheaval driven, in part, by Brexit, there are worrying signs they are taking their eyes off other pressings risks, finds a survey by CNA Harvey. The insurer believes this is leading to risk “blindspots” that are only likely to increase as UK multinationals look…

Beazley steps up European expansion plan through new Dublin base

Beazley steps up European expansion plan through new Dublin base

Beazley steps up European expansion plan through new Dublin base

Beazley, the Lloyd’s-based international specialty insurance and reinsurance group, has underwritten the first policy through its new Dublin-based insurance company as it forges ahead with European expansion. The company said its new Irish operation was not created solely in reaction to Brexit. The Dublin company is the launch pad for Beazley’s ambitious European expansion plans. Beazley Insurance dac was formed…

Country and sector risk reducing in Europe: Coface

Country and sector risk reducing in Europe: Coface

Country and sector risk reducing in Europe: Coface

Political and other risks are reducing in several European countries, Coface said in its worldwide country and sector risk analysis of the past quarter. Coface said the European region, particularly its emerging countries, is benefiting from a recovery in the global economy that has led to upgrades for the risk ratings of several countries including Hungary, Finland, Cyprus and Belarus.…

French market soft with signs of innovation but insurers selective in loss-hit areas: AMRAE

French market soft with signs of innovation but insurers selective in loss-hit areas: AMRAE

French market soft with signs of innovation but insurers selective in loss-hit areas: AMRAE

The soft commercial insurance market continues for French buyers, but insurers are becoming very selective about certain risks and reacting to even small losses suffered by insureds, according to AMRAE. In its annual State of The Market report, the French risk and insurance management association says insurers continue to come under pressure over pricing and buyers clearly have the upper…

Regulatory changes increase UK D&O risk as investigations increase

Regulatory changes increase UK D&O risk as investigations increase

Regulatory changes increase UK D&O risk as investigations increase

A new survey by Willis Towers Watson and Allen & Overy shows that a third of UK companies have undergone a claim or investigation involving one of its senior managers or directors this year, up from 27% in 2016. Willis Towers Watson said additional regulatory scrutiny, corporate governance reform and an extension of the UK regulator’s Senior Managers Regime will…

Price decreases help boost popularity of M&A insurance

Price decreases help boost popularity of M&A insurance

Price decreases help boost popularity of M&A insurance

The market for merger and acquisition (M&A) insurance is soft and “buoyant”, with the first half of 2017 recording price decreases of about 12% year on year and a 76% rise in the number of policies placed to protect insureds from breaches of warranties, according to JLT Specialty. The broker’s Global M&A Insurance Index reveals that significant growth in the…

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