HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

A new Hong Kong-based managing general agent (MGA) has been launched by independent insurer HWI International Group. NuVu Underwriting Hong Kong is set to begin writing business from 1 July 2018, subject to regulatory approval, and will be headed by Jeremy Austen. The MGA will initially concentrate on property, marine, personal accident, fine art, specie and terrorism. While HWI has…

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Political violence risk has increased worldwide for the third year in a row, while broader political risk is also up, according to analysis by Aon. The broker’s newly released 2018 political risk, terrorism and political violence risk maps also suggest that the global threat posed by Islamic State (IS) has peaked, with its reach likely to fall in 2018. Political…

Stable terror market may yet see rate increases: Marsh

Stable terror market may yet see rate increases: Marsh

Stable terror market may yet see rate increases: Marsh

The terrorism insurance market is likely to remain stable in 2018 but rates may yet increase as a result of last year’s heavy natural catastrophe losses, according to Marsh. Terrorism insurance capacity remains “abundant”, backed by new entrants and the commitment of incumbent terrorism insurers, Marsh said. However, following large catastrophe losses in 2018, pricing could increase, the broker predicted…

Airmic welcomes Pool Re terror coverage extension

Airmic welcomes Pool Re terror coverage extension

Airmic welcomes Pool Re terror coverage extension

UK risk management and broker associations have welcomed news that the country’s terrorism pool is to offer non-damage business interruption insurance for terrorist attacks. Pool Re says the change will make it the first government-backed terrorism pool to offer non-damage business interruption cover for acts of terror. The reinsurer has already extended its offering to include cyber terrorism, which it…

Pool Re extends terrorism retro cover to cyber losses

Pool Re extends terrorism retro cover to cyber losses

Pool Re extends terrorism retro cover to cyber losses

UK terror reinsurer Pool Re has extended its retrocession programme to include cyberterrorism losses, in line with changes to its own reinsurance cover for members from April 2018. Pool Re said it added the cover for material damage and direct business interruption as a result of cyberattacks. Pool Re’s retrocession cover has increased by £100m on renewal to £2.1bn. Brokered…

Pool Re rolls out premium discount scheme for buyers

Pool Re rolls out premium discount scheme for buyers

Pool Re rolls out premium discount scheme for buyers

UK terrorism reinsurer Pool Re has launched a terrorism risk assessment tool for medium-sized and large businesses to measure their risk and receive a potential 5% discount on their premiums. Buyers that use the Vulnerability Self-Assessment Tool (VSAT) will be offered lower premiums by Pool Re’s member insurers for implementing new risk mitigation measures. The tool will be in place…

Liberty Specialty Markets targets French unit for growth

Liberty Specialty Markets targets French unit for growth

Liberty Specialty Markets targets French unit for growth

Liberty Specialty Markets, part of Liberty Mutual, is set to expand its commercial insurance business in France through focused investment in the country, including increasing the size of its team and adding new product lines. Four new lines of business have been earmarked for France, including surety, fine art and specie, contingent risk and terrorism. Outlining the plans at last…

Pool Re warns of changing terror threat

Pool Re warns of changing terror threat

Pool Re warns of changing terror threat

There were 226 global terrorist attacks in the last quarter of 2017, causing 2,248 deaths, according to a new quarterly Terrorism Frequency Report by Pool Re, the reinsurance pool for terrorism risks in the UK. Four of the attacks were recorded in Europe. In addition, Pool Re notes that there were five successful terror attacks in the UK last year,…

Airmic welcomes Pool Re’s cyber extension

Airmic welcomes Pool Re’s cyber extension

Airmic welcomes Pool Re’s cyber extension

Airmic has welcomed Pool Re’s move to extend terrorism cover to include damage and direct business interruption losses from cyber-driven terror attacks from April this year. In Airmic News, the association’s CEO, John Ludlow, said the decision announced late last year is a “bold step”. “We welcome this as a major step forward for businesses in the fight against terrorism…

Pool Re extends coverage to cyber-driven terror attacks

Pool Re extends coverage to cyber-driven terror attacks

Pool Re extends coverage to cyber-driven terror attacks

The UK’s terrorism reinsurance scheme Pool Re has confirmed it will extend cover from April 2018, to include damage and direct business interruption losses from cyber-driven terror attacks. The new cover, which excludes intangible assets, will be provided as standard on policies offered by Pool Re members to commercial policyholders. Julian Enoizi, chief executive of Pool Re, said the extension…

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