Cyber insurance grows in US, especially among large companies, states Best report

Cyber insurance grows in US, especially among large companies, states Best report

Cyber insurance grows in US, especially among large companies, states Best report

Larger US companies, especially financial institutions and healthcare companies, are increasing cyber coverage, and the US market for cyber insurance grew significantly in 2017, according to a new AM Best special report. It reveals that direct premiums written rose nearly 32% year over year to $1.8bn, and policies in force jumped 24% to 2.6 million. However, Best notes that, despite…

Washington Insurance Commissioner issues cease-and-desist order on Microsoft captive

Washington Insurance Commissioner issues cease-and-desist order on Microsoft captive

Washington Insurance Commissioner issues cease-and-desist order on Microsoft captive

The Washington Insurance Commissioner has slapped a cease-and-desist order on a captive insurance company owned by Microsoft, for placing unauthorised insurance in the state, failing to hold the required surplus line broker licence, and not paying a 2% tax on premiums earned. The captive is called Cypress Insurance Company. It is domiciled in Arizona where it was admitted as a…

No guarantees over continuity of insurance policies post-Brexit, says EU

No guarantees over continuity of insurance policies post-Brexit, says EU

No guarantees over continuity of insurance policies post-Brexit, says EU

There are no guarantees that insurance policies will not be affected by Brexit, according to the EU’s financial services chief, Reuters has reported. The new agency quoted Valdis Dombrovskis, vice-president for the euro and social dialogue, and in charge of financial stability, financial services and capital markets union, saying it is up to firms to take preventive measures. Mr Dombrovskis…

Ten factors in choosing an insurer for a global insurance programme

Ten factors in choosing an insurer for a global insurance programme

Ten factors in choosing an insurer for a global insurance programme

Choosing an insurer for a global insurance programme is not an easy task, but there are a number of factors that can help risk managers to decide which insurers are appropriate for running a global programme. Here are the top ten factors to take into consideration. 1. Global representation Global representation is clearly of vital importance. A multinational programme requires…

British Overseas Territories required to establish public registers of beneficial ownership

British Overseas Territories required to establish public registers of beneficial ownership

British Overseas Territories required to establish public registers of beneficial ownership

An amendment to the Sanctions and Anti-Money Laundering Bill has been passed by the House of Commons, which will force British overseas territories – including the Cayman Islands, the British Virgin Islands (BVI), Gibraltar and Bermuda – to publicly reveal the owners of companies based in the territories. The amendment requires the British Overseas Territories to establish public registers of…

Aon appoints John English as new CEO of Aon Captive & Insurance Management

Aon appoints John English as new CEO of Aon Captive & Insurance Management

Aon appoints John English as new CEO of Aon Captive & Insurance Management

John English is to become chief executive officer, Aon Captive & Insurance Management, with effect from 1 June 2018. He is currently chief operating officer of Aon Captive & Insurance Management, and managing director of Aon Captive & Insurance Management EMEA, and has been with Aon for ten years. He will continue to be based in London and will report…

Willis becomes first licensed foreign broker to transact all insurance business in China

Willis becomes first licensed foreign broker to transact all insurance business in China

Willis becomes first licensed foreign broker to transact all insurance business in China

China’s Banking Insurance Regulatory Commission (CBIRC) has approved Willis Insurance Brokers as the first fully licensed foreign broker to transact all insurance business in China. Willis Towers Watson said this follows President Xi Jinping’s announcement early last month of a series of major financial liberalisation initiatives aimed at opening up the Chinese market to foreign operators. Willis said that in response…

Aspen applies for Brexit-led Irish subsidiary

Aspen applies for Brexit-led Irish subsidiary

Aspen applies for Brexit-led Irish subsidiary

Aspen will establish a new insurance subsidiary in Ireland as part of plans to continue writing business for clients in the European Economic Area (EEA) after Brexit. Aspen has applied to Irish regulators to set up Aspen Insurance Ireland to maintain EU passporting options, building on its existing branch operation in Dublin. Aspen said it will also write business through…

XL Catlin hungry for autonomous tech risks

XL Catlin hungry for autonomous tech risks

XL Catlin hungry for autonomous tech risks

XL Catlin has “significant risk appetite” for new risks emerging from autonomous technology and has put together a team of experts to provide solutions. The new team can help provide protection at design and development stages, through to testing and implementation. The cover is available globally to all sectors of industry. Xl Catlin has also established a Global Autonomy Centre…

Above-average Atlantic hurricane season forecast by scientists, says AGCS

Above-average Atlantic hurricane season forecast by scientists, says AGCS

Above-average Atlantic hurricane season forecast by scientists, says AGCS

This year’s Atlantic hurricane season is predicted to be above average, with an estimated 14 to 15 tropical storms and seven to eight hurricanes, of which three to five will be major hurricanes (category 3-5), according to Allianz Global Corporate & Specialty (AGCS). However, there is considerable uncertainty over the development of El Niño in 2018 and its impact on…

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