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…

Economic risks top WEF global risk survey

Economic risks top WEF global risk survey

Economic risks top WEF global risk survey

Global business leaders have named economic risks – specifically unemployment in first place, followed by fiscal crises – as the top threats facing their organisation for the next ten years, according to a new survey by the World Economic Forum (WEF). Publishing its Global Risks Report in partnership with Zurich Insurance and Marsh & McLennan, the WEF said societal risks…

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,…

Regulatory changes increase UK D&O risk as investigations increase

Regulatory changes increase UK D&O risk as investigations increase

Regulatory changes increase UK D&O risk as investigations increase

A new survey by Willis Towers Watson and Allen & Overy shows that a third of UK companies have undergone a claim or investigation involving one of its senior managers or directors this year, up from 27% in 2016. Willis Towers Watson said additional regulatory scrutiny, corporate governance reform and an extension of the UK regulator’s Senior Managers Regime will…

Mercer completes £3.4bn longevity risk transfer for MMC’s UK pension fund

Mercer completes £3.4bn longevity risk transfer for MMC’s UK pension fund

Mercer completes £3.4bn longevity risk transfer for MMC’s UK pension fund

The largest longevity risk transfer for a UK pension fund since 2014 has been completed in Guernsey by Mercer, a wholly owned subsidiary of Marsh & McLennan Companies (MMC). The longevity hedge has been completed covering about £3.4bn of liabilities for some 7,500 pensioner members of the MMC UK Pension Fund. The longevity risk was transferred, without the payment of…

Markel’s Jeremy Brazil to step down

Markel’s Jeremy Brazil to step down

Markel’s Jeremy Brazil to step down

Jeremy Brazil is planning to stand down from his full-time executive role at the end of this year. Mr Brazil, who has overseen Markel International’s underwriting for nearly ten years, as well as being responsible for its reinsurance buying strategy, played a major role in the creation of Markel International following Markel’s acquisition of London insurer Terra Nova in 2000.…

Pen Underwriting makes senior management changes

Pen Underwriting makes senior management changes

Pen Underwriting makes senior management changes

Pen Underwriting has appointed Tom Downey as chief underwriting officer with effect from 1 October 2017. Mr Downey will assume responsibility for underwriting, capacity management, pricing, analytics, risk and governance, claims and marketing across all of Pen’s trading divisions. Managing director of specialty since 2014, Mr Downey was responsible for Pen’s specialist underwriting solutions in the UK, US and internationally.…

Pool Re to plug cyber risk and NDBI gaps

Pool Re to plug cyber risk and NDBI gaps

Pool Re to plug cyber risk and NDBI gaps

Pool Re has received agreement in principal from the UK government to extend its coverage to cyberterrorism. To date, coverage for property damage resulting from “remote digital interference” has been excluded from terrorism policies reinsured by the government-backed mutual. Pool Re is also looking at closing gaps in non-damage business interruption (NDBI) coverage following a terror attack. Speaking at the…

UK terror threat level returns to ‘severe’ after Friday’s tube attack

UK terror threat level returns to ‘severe’ after Friday’s tube attack

UK terror threat level returns to ‘severe’ after Friday’s tube attack

The UK terror threat level has reverted to severe, after spending the weekend at critical following an attack on the London underground on Friday morning. The threat level was raised to critical, indicating threat of an imminent attack, on Friday evening after ISIS claimed responsibility for the bomb and police searched for the perpetrators. The homemade explosive device is reported…

London remains top global financial centre despite Brexit negotiations

London remains top global financial centre despite Brexit negotiations

London remains top global financial centre despite Brexit negotiations

London remains the leading global financial centre according to the latest Global Financial Centres Index (GFCI), published by Z/Yen in collaboration with the China Development Institute. The GFCI rates 92 financial centres and found that London and New York remain in first and second places. According to Z/Yen, despite the ongoing Brexit negotiations, London only fell two points, the smallest…

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