Generali opens German desk for mid-sized corporates

Generali opens German desk for mid-sized corporates

Generali opens German desk for mid-sized corporates

Generali Global Corporate & Commercial’s (GC&C) German operation has opened a German desk to specifically address the insurance risk needs of mid-sized companies. Opened in March last year, GC&C Germany said it wants to offer mid-sized companies the same opportunities to access insurance solutions as large international corporations. Hans-Peter Klebe, head of GC&C Germany, said: “In addition to international insurance…

Global reinsurance rates still falling says S&P

Global reinsurance rates still falling says S&P

Global reinsurance rates still falling says S&P

The global reinsurance market is continuing to see price falls, according to S&P Global Ratings. The ratings agency said it generally believes that the continuing pricing decline in the global reinsurance market can be attributed to a continuation of trends it has observed in many renewal periods so far, namely an abundance of reinsurance capacity and many years of modest…

Virgin Media warns customers over router hacking risk

Virgin Media warns customers over router hacking risk

Virgin Media warns customers over router hacking risk

Cable broadband provider Virgin Media has told 800,000 of its customers in the UK to change their passwords to protect against being hacked. The advice came after an investigation by consumer group Which? found that Virgin Media’s Super Hub 2 router can be hacked in a matter of days if it is left with the default password that is printed…

UK government tackles compensation culture

UK government tackles compensation culture

UK government tackles compensation culture

New proposals by the UK government to crack down on fraudulent motor claims were announced yesterday as part of the Queen’s Speech to parliament. The Civil Liability Bill pledges to reduce motor insurance premiums and address “the rampant compensation culture”, particularly focused on whiplash claims. Under the measures, whiplash claims will not be settled without medical evidence and a fixed…

Chaucer launches Dublin-based company to write international specialty business

Chaucer launches Dublin-based company to write international specialty business

Chaucer launches Dublin-based company to write international specialty business

Chaucer, the Lloyd’s insurer, has formed a new company in Ireland as a base for its European business. It said the Central Bank of Ireland has approved the formation of a Dublin-based company that will trade under the name of Chaucer Dublin DAC, to write international specialty insurance and reinsurance business. Chaucer Dublin, which has an S&P A rating through…

EIOPA publishes Financial Stability Report on EU insurance sector

EIOPA publishes Financial Stability Report on EU insurance sector

EIOPA publishes Financial Stability Report on EU insurance sector

The insurance sector has continued to adjust to the new Solvency II regime, but is adequately capitalised and overall the implementation of Solvency II has been a success, according to the European Insurance and Occupational Pensions Authority (EIOPA). In its 2017 Financial Stability Report on the (re)insurance and occupational pensions sectors in the European Economic Area, EIOPA notes that the…

Mapfre acquires majority share in Indonesian insurer

Mapfre acquires majority share in Indonesian insurer

Mapfre acquires majority share in Indonesian insurer

European insurer Mapfre has acquired a 51% share in Indonesia-based insurer PT Asuransi Bina Dana Arta Tbk (ABDA), thereby triggering a likely takeover as it expands in Southeast Asia. Madrid-based Mapfre was granted regulatory approval to purchase an extra 31% share, at a price of €90m, on top of its existing 20% stake in ABDA acquired back in 2013, thereby…

Blockchain technology creates first multinational insurance ‘smart contract’

Blockchain technology creates first multinational insurance ‘smart contract’

Blockchain technology creates first multinational insurance ‘smart contract’

The first so-called ‘smart contract’-based multinational insurance policy using blockchain technology has been successfully piloted by AIG, IBM and Standard Chartered Bank. The three companies specifically chose multinational insurance coverage, a particularly complex area of commercial insurance, to better understand blockchain’s potential to reduce friction and increase trust in other areas of the insurance value chain. AIG said the blockchain…

Unison and Steadfast unveil new broker network partnership

Unison and Steadfast unveil new broker network partnership

Unison and Steadfast unveil new broker network partnership

Australian Steadfast Group has taken a stake in German-based broker unisonBrokers AG as part of a strategic partnership agreement between the two general insurance broking networks. Under the terms of the deal, Unison said it will rebrand as unisonSteadfast. The stake was not declared, although it was said to be non-controlling. Steadfast CEO Robert Kelly and chief operating officer Samantha…

Chubb opens new UK regional office

Chubb opens new UK regional office

Chubb opens new UK regional office

Chubb has opened a new UK office in Reading, as part of its investment in building a regional presence to support brokers in the UK and Ireland. Mark Davison has been appointed senior property and package underwriter and Bryony Glover has been named as business development manager at the new office. Mr Davison joins Chubb from AIG, where he worked…

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