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UK/Ireland
State National to enter UK market to serve MGAs
State National Companies, the largest programme services carrier in the US and a wholly owned subsidiary of Markel, is entering the UK market on 1 January 2024. State National is…
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GRM People Moves
Markel appoints war and terrorism senior underwriter
Tim Woodhouse has been appointed as senior underwriter at Markel within its war and terrorism team. The insurer said the appointment of industry veteran Woodhouse “demonstrates Markel’s continued dedication to…
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Captives
Enel confirms first onshore captive in Italy
Enel, the Italian manufacturer and distributor of gas and electricity, has confirmed that it is the first Italian corporation to create a captive at home in Italy. The group told…
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Legal & Regulation
EC probes car battery cartel
Five vehicle battery manufacturers have been accused of breaching the EU’s antitrust rules by forming a cartel. The European Commission said Banner, Clarios, Exide, FET and Rombat, as well as…
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Reinsurance
Rate increases drive AM Best’s stable outlook for global reinsurers
AM Best has held its stable outlook for the global reinsurance market based on “substantial” rate increases, largely from property lines, which the rating agency said are unlikely to revert…
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Captives
Traditional insurers should collaborate more with captives: Report
Captives are no longer considered an alternative market and traditional insurers have an opportunity to collaborate more with these tools and offer services that complement captive operations, says EY in…
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CRE Insurance
CFC top officers to step down following Lloyd’s investigation
CFC Underwriting said two of its top officers will be stepping down and has named a new CEO, following the completion of an investigation by Lloyd’s of London into allegations…
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Market
Growth momentum for China’s non-life insurance sector
China’s non-life insurance sector is seeing growth momentum in the motor and non-motor segments, and the country is seeing a domestic economic recovery following the removal of pandemic-related restrictions. As…
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Spain/Portugal
Spanish insurers to strengthen profits in 2024 after rate hikes, says Fitch
Spain’s non-life insurers are expected to report improved profits in 2024 following higher rates and a boost to investment returns, according to Fitch Ratings. Assigning a neutral outlook for the…
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Geopolitical
Political risk will rise next year for countries in debt crises, warns WTW
Countries carrying high levels of debt are at increased risk of social unrest amid economic fallout next year, with Jordan, Kenya and Brazil most at risk of political instability and…
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Market
Mixed primary market outlook for 2024: Zurich
Zurich has painted a mixed picture for European insurance buyers next year with some areas, such as marine, stabilising, and others, such as nat cat property and motor, remaining more…
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Supply Chain
Supply chain risk and government policies top barriers to renewables growth: KPMG
Supply chain risks are among the main barriers to scaling renewable energy to replace fossil fuels, according to a survey by KPMG, which warns that the current pace of renewable…
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Marine
NorthStandard launches ‘first’ marine cover for bad weather delays
P&I club NorthStandard said it has introduced the first ever marine strike and delay cover for adverse weather to protect ships in and around ports. NorthStandard has extended its onshore…
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People Moves
WTW beefs up contingency team with appointments from Marsh McLennan
WTW has appointed Marsh McLennan’s Nick Anscombe and Brett Corrigan to its contingency team. Anscombe is named as contingency lead. He worked at Marsh for 17 years within its contingency…
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Executive & D&O
Companies must ensure CISOs are covered under D&O policies, experts say
Chief information security officers (CISOs) are likely to become targets for regulators and plaintiff attorneys in the US as part of data breach litigation, making it critical that they are…
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Captives
Airmic welcomes consultation on new UK captive regime
UK risk and insurance management association Airmic has welcomed its government’s plans to create a new onshore captive-friendly regime, and is ready to work with members, regulators and the risk…
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France
Fitch improves outlook on French market to neutral
Fitch has revised its outlook on the French non-life insurance sector to neutral from deteriorating because it believes “strong” pricing and underwriting actions will mitigate claims inflation to support margins.…
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People Moves
Lockton expands Norwegian team as part of Nordic expansion
Lockton has appointed Christen Thorbjørnsen, Harry Nilsen, Nikolai Jørgensen and former insurance manager Sigbjørn Larsen to its energy, renewables and property divisions in Norway. The broker said the appointments are…
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Market
Anra members need insurers to up game on emerging risks, says president
The Italian commercial insurance market is reaching “equilibrium” after recent hardening, but members of the country’s risk management association Anra are still struggling to get capacity in some key lines…
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ESG
Firms urged to embrace innovation to turn EU’s ESG rules into competitive advantage
European companies can turn the raft of EU ESG regulations into a competitive advantage rather than a disadvantage by focusing on innovation and embracing the transition, Italian risk and insurance…