XL Catlin Iberia expands into political risk

XL Catlin Iberia expands into political risk

XL Catlin Iberia expands into political risk

XL Catlin’s Iberia operation will begin underwriting political risk insurance after appointing Santiago Herrero as head of political risk, credit and bond for the region. Mr Herrero will be based in Madrid and will report to Dan Riordan, XL Catlin’s global head of political risk. José Ramón Morales, XL Catlin’s country manager for Iberia, said: “Emerging economies are going through…

Zurich North America CEO Foley to retire

Zurich North America CEO Foley to retire

Zurich North America CEO Foley to retire

Mike Foley, CEO of Zurich North America, is to retire after ten years in the post. Zurich Insurance Group said Mr Foley will be replaced by Kathleen Savio, who is currently president of the firm’s North American alternative markets unit, at the beginning of next year. Mr Foley joined Zurich in 2006 as chief operating officer for North America. He…

Allianz Multinational to bring together international insurance solutions

Allianz Multinational to bring together international insurance solutions

Allianz Multinational to bring together international insurance solutions

Allianz is bringing together its international insurance solutions from the property and casualty insurance sectors across the group, under the name Allianz Multinational. It said companies operating on a cross-border basis, regardless of size, can now access international insurance products tailored to their unique market and risk profiles through a central source. Allianz Multinational originated from a joint Allianz SE…

EC proposes financial supervisory reforms giving stronger role for EIOPA

EC proposes financial supervisory reforms giving stronger role for EIOPA

EC proposes financial supervisory reforms giving stronger role for EIOPA

The European Commission (EC) has proposed reforms to pave the way for further financial integration, which will improve the mandates, governance and funding of the European Supervisory Authorities (ESAs), including the European Insurance and Occupational Pensions Authority (EIOPA). The EC said the ESAs “are pivotal in ensuring that financial markets across the EU are well regulated, strong and stable”, adding:…

IAIS paper recognises value of mutual and cooperative insurers

IAIS paper recognises value of mutual and cooperative insurers

IAIS paper recognises value of mutual and cooperative insurers

The International Association of Insurance Supervisors (IAIS) has published an application paper on the regulation and supervision of mutuals, cooperatives and community-based organisations (MCCOs). The paper has been welcomed by two leading mutual insurance associations, which said it recognises the value of mutual and cooperative insurers, and acknowledges the need for appropriate regulation of different types of insurer. The International…

Starr to relocate EU base in Malta

Starr to relocate EU base in Malta

Starr to relocate EU base in Malta

The Maltese insurance sector received a significant boost this week as the government revealed that Starr Companies, the US-based global insurance and reinsurance group led by former AIG CEO Hank Greenberg, will relocate its European base to Malta. Maltese Prime Minister Joseph Muscat is in New York this week for a United Nations (UN) meeting and is due to address the…

IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

Global marine underwriting premiums fell by 9% in 2016 to $27.5bn, following a similar fall the previous year, according to the latest annual statistical report on the marine insurance market by the International Union of Marine Insurance (IUMI). The hull sector saw a 10% fall in premium income to $7bn, while the cargo sector fell by 6% to $15bn. The…

XL’s insurance firm set for Dublin move because of Brexit

XL’s insurance firm set for Dublin move because of Brexit

XL’s insurance firm set for Dublin move because of Brexit

XL Group has announced plans to move its EU insurance company to Dublin from the UK in order to deal with the repercussions of Brexit. It becomes the latest in a long line of insurers setting up in the EU to allow customers continued access to its goods and services. Subject to regulatory approval, the group’s principal EU insurance company,…

Non-life premium growth in Thailand but uncertain future, says Fitch

Non-life premium growth in Thailand but uncertain future, says Fitch

Non-life premium growth in Thailand but uncertain future, says Fitch

Thailand has seen growth in non-life insurance direct premiums pick up in recent quarters, but it is unclear if this will be sustainable, according to Fitch Ratings. Annualised non-life direct premiums in Thailand grew by 4% in the first quarter of 2017 and the Thailand General Insurance Association is forecasting growth for the full year to reach 1%-2%. The growth…

Willis Towers Watson appoints head of international construction

Willis Towers Watson appoints head of international construction

Willis Towers Watson appoints head of international construction

Martin Hiller has been appointed head of international construction within Willis Towers Watson’s corporate risk and broking unit. He joins Willis Towers Watson from JLT, where he was previously a founding member and managing director of its construction team. Willis Towers Watson said Mr Hiller will be responsible for client management, technical, placement and risk management specialists to support construction…

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