Data breaches up 39% in Q1 2017: Beazley

Data breaches up 39% in Q1 2017: Beazley

Data breaches up 39% in Q1 2017: Beazley

Beazley has recorded a 39% in the number of data breaches reported by its clients in the first three months of this year. The Beazley Breach Response Services (BBR) unit managed 641 data breaches in the first quarter of 2017, compared to 462 during the same period last year. BBR identified phishing scams as a growing risk for firms in…

AIR Worldwide rolls out cyber risk model

AIR Worldwide rolls out cyber risk model

AIR Worldwide rolls out cyber risk model

A cyber risk modelling tool for commercial insurers has been released by AIR Worldwide, the cat risk modelling company. AIR says that ARC (Analytics of Risk from Cyber) can evaluate any commercial policy (including those vulnerable to silent cyber), measure and monitor aggregations of cyber risk within a portfolio, and estimate potential insured cyber losses for portfolios. “Insurers typically have…

Liberty Specialty Markets names new broker head

Liberty Specialty Markets names new broker head

Liberty Specialty Markets names new broker head

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Kerry McKay to the newly created role of head of distribution and client management for continental Europe. He will report directly to LSM’s head of Europe, Kadidja Sinz. LSM said it wants to expand its operations as a specialist insurer throughout Europe, across its six continental European branch…

AWAC to offer drone training to its clients

AWAC to offer drone training to its clients

AWAC to offer drone training to its clients

Clients of Swiss-based specialty insurer Allied World Assurance Company Holdings (AWAC) in the US can now get help with deploying their own drones. AWAC has announced that it is expanding risk management offerings to policyholders, to include access to discounted unmanned aerial systems (UAS) services. AWAC has partnered with DataWing, a UAS service provider led by former US Air Force…

Barbican launches quote-and-bind portal for DUA business

Barbican launches quote-and-bind portal for DUA business

Barbican launches quote-and-bind portal for DUA business

Specialty insurer Barbican Insurance Group has implemented what it said is a pioneering new policy quote-and-bind portal, which will significantly improve its ability to bind new business via selected distribution channels. The Hub technology platform was developed with Moore Stephens and uses RuleBook, the firm’s pricing, underwriting and distribution tool. The system facilitates instant policy binding by automating the administration…

Munich Re and Beazley launch $100m cyber risk transfer option

Munich Re and Beazley launch $100m cyber risk transfer option

Munich Re and Beazley launch $100m cyber risk transfer option

Munich Re and Beazley have launched a cyber risk transfer option that offers up to $100m of capacity to large global corporates for a range of first-party and third-party exposures. The two companies have been working together during the past year to address innovation and capacity issues in the cyber insurance market. Munich Re and Beazley said the market has…

City watchdog raids aviation brokers in antitrust probe

City watchdog raids aviation brokers in antitrust probe

City watchdog raids aviation brokers in antitrust probe

The Financial Conduct Authority (FCA) has launched an antitrust investigation into the aviation insurance broking sector. The Financial Times said last week that the City watchdog had made dawn raids on a number of big aviation brokers, as part of a probe into whether they improperly shared confidential client information. The newspaper said the FCA seized computers and information from…

DAS LawAssist extends ATE cover to IP and construction disputes

DAS LawAssist extends ATE cover to IP and construction disputes

DAS LawAssist extends ATE cover to IP and construction disputes

The after-the-event insurance division of the DAS UK Group has extended the cover of its civil and commercial litigation product to include intellectual property and construction disputes. Enrique Gomez, head of ATE insurance, said: “We have seen a rise in requests from the market for DAS ATE cover for intellectual property and construction disputes. We have responded to these calls…

Willis Towers Watson reshuffles global FINEX senior management

Willis Towers Watson reshuffles global FINEX senior management

Willis Towers Watson reshuffles global FINEX senior management

Willis Towers Watson has announced a series of senior appointments across its global FINEX business – the company’s financial, executive and professional risk specialty group, part of its corporate risk and broking segment. Jeremy Wall has been made chairman of global FINEX and head of FINEX for all regions outside North America. London-based Mr Wall joined Willis Towers Watson in…

Uptick in M&A insurance claims as big deals go sour

Uptick in M&A insurance claims as big deals go sour

Uptick in M&A insurance claims as big deals go sour

The frequency and severity of M&A insurance claims is growing, according to AIG, one of the largest writers of representation and warranty (R&W) insurance globally. Large deals are proving to be risky and the average payout on the most severe category of claims can top $20m, AIG’s study of its R&W claims shows. The M&A claims study, now in its…

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