Cat-hit lines to see up to 25% rate increases: Talanx

Cat-hit lines to see up to 25% rate increases: Talanx

Cat-hit lines to see up to 25% rate increases: Talanx

Natural catastrophes cost Talanx Group €1bn in the first nine months of this year, mainly affecting its industrial lines business written through HDI Global and P&C reinsurance under Hannover Re, as it reported net income of €444m for the period, from a €636m nine-month figure in 2016. Talanx said it expects to close the year with a revised net income…

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…

New approach needed for growing political risk

New approach needed for growing political risk

New approach needed for growing political risk

Companies need to take a more structured approach to managing growing geopolitical and economic uncertainty, according to a panel debate at the Ferma Forum. Increasing nationalism and protectionism, as well as growing political volatility in Europe, are creating greater uncertainty for European businesses, according to the panellists. Carl Bildt, former prime minister of Sweden and keynote speaker at the forum,…

Everest Re launches Dublin-based non-life insurer

Everest Re launches Dublin-based non-life insurer

Everest Re launches Dublin-based non-life insurer

Everest Re Group has established a non-life insurer in Ireland, based in Dublin, to write a range of specialty commercial insurance products. The new non-life insurance subsidiary, Everest Insurance Ireland, has been granted authorisation in principle by the Central Bank of Ireland to operate as an authorised non-life insurer in Ireland. Everest Re said the new subsidiary continues the expansion…

Political change in US and Europe has ‘blindsided’ risk managers: survey

Political change in US and Europe has ‘blindsided’ risk managers: survey

Political change in US and Europe has ‘blindsided’ risk managers: survey

Unexpected political movements in Europe and the US during 2017 have “blindsided” global companies, with nine out of ten executives reporting an increase in geopolitical risks in the past five years, according to a survey from Willis Towers Watson and Oxford Analytica. The survey found that unpredictable political change in the US and Europe has rocked the business world and…

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…

Validus Specialty renews PRI binding authority at Lloyd’s

Validus Specialty renews PRI binding authority at Lloyd’s

Validus Specialty renews PRI binding authority at Lloyd’s

Validus Specialty Underwriting has announced the renewal of its political risk insurance (PRI) binding authority from its New York office, underwritten 100% by various underwriters at Lloyd’s and led by Talbot Underwriting Ltd, Syndicate 1183. The Talbot-led binding authority was first launched in 2016. To meet the demand for growth in 2017, capacity has increased from $125m to $240m per…

Initial hurricane Harvey loss estimates up to $20bn

Initial hurricane Harvey loss estimates up to $20bn

Initial hurricane Harvey loss estimates up to $20bn

Hurricane Harvey, which made landfall in Texas on Friday and is still causing heavy rains and flooding in the southern US state, is likely to cause insured losses below record US storms such as Sandy and Katrina, but could still cost insurers as much as $20bn with economic losses much higher, according to initial estimates. AIR Worldwide’s initial estimate has…

Elborne Mitchell appoints new partner

Elborne Mitchell appoints new partner

Elborne Mitchell appoints new partner

London law firm Elborne Mitchell LLP has appointed David Murphy as partner, where he will add to the firm’s core complex insurance and reinsurance expertise. Mr Murphy joins Elborne Mitchell with dispute resolution expertise in litigation, arbitration and mediation. He has experience in property/business interruption, casualty, energy, mining, engineering/construction, political violence, D&O, financial lines and credit insurance. Mr Murphy also…

Willis poaches Hiscox political risk veterans

Willis poaches Hiscox political risk veterans

Willis poaches Hiscox political risk veterans

Willis Towers Watson has recruited Claire Simpson and Victoria Padfield to its Political Risk and Trade Credit team in London as part of a broader expansion of its Financial Solutions division. Ms Simpson has been appointed global claims director. Both Ms Simpson and Ms Padfield held underwriting positions with Hiscox prior to joining Willis Towers Watson. Ms Simpson was head…

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