Marsh appoints UK FINPRO leader

Marsh appoints UK FINPRO leader

Marsh appoints UK FINPRO leader

Marsh has named Paul Denny as leader of its UK financial and professional practice (FINPRO). Mr Denny has worked for Marsh since 1989. He most recently headed up northeast US FINPRO and US errors and omissions, where he worked with professional services firms and financial institutions to cover their professional liability and cyber risk programmes. Mr Denny will manage Marsh’s…

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

A growing focus on privacy and tougher EU data protection laws could drive future claims against directors and officers, experts warn. The recent alleged misuse of personal data belonging to Facebook users has shone the spotlight on privacy liability just as the EU implements its General Data Protection Regulation (GDPR) on 25 May. The GDPR introduces new rights for consumers…

New business rose across the world in 2017

New business rose across the world in 2017

New business rose across the world in 2017

New business grew across the world last year in almost all areas, according to the Berne Union. In its annual report,  launched this meeting at a meeting in Kenya, it reveals preliminary statistics which indicate that, as a result of favourable growth in global trade and GDP in 2017, Berne Union members reported an uptick in new business in almost…

Sompo launches specialty unit in Spain

Sompo launches specialty unit in Spain

Sompo launches specialty unit in Spain

Bermudan insurer Sompo International (SI) is setting up a European specialty insurance underwriting unit in Barcelona, Spain to underwrite management liability, professional indemnity and financial institutions business. The new operation will expand to other lines in due course and is being formed as part of SI’s continued push into Europe. In November last year, SI said it would establish a…

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

Global commercial insurance rates rose for the first time in five years during the last quarter of 2017, almost exclusively due to a rise in property premiums, according to Marsh’s Global Insurance Market Index. But while rates were up 0.9% in the UK, they fell by 1.1% on average in continental Europe despite the pace of decline slowing. Marsh said…

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…

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