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ESG
German climate group loses legal action against BMW
A Munich Court has dismissed a lawsuit against BMW brought by German climate campaigners Deutsche Umwelthilfe that alleged failure to end the production of combustion engine cars by 2030 and…
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DACH
Brexit had minimal impact on capacity crunch: GDV
German risk managers have not suffered from a loss of capacity caused by an exodus of UK-based insurers because of Brexit, according to new figures from the German insurance association…
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Insurance
Earthquakes put Turkey’s insurance market under further strain
Devastating earthquakes in Turkey, which are reported to have killed at least 9,000 people, serve “another blow” to the local insurance and reinsurance market that was already under “severe strain”,…
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DACH
Generali strengthens German leadership team and expands into cyber
Generali Global Corporate & Commercial (GC&C) has announced three strategic appointments that it says will strengthen its leadership team in Germany and expand its cyber offering. Starting from the beginning…
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Cyber & Technology
New capital creating more competition and choice for cyber buyers
New capital flowing into the cyber insurance market will increase competition and help meet growing demand, experts have told Commercial Risk. There have been a number of developments bringing much-needed…
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Executive & D&O
US D&O rate decreases accelerate
The downturn in D&O liability rates in the US continues to accelerate, with Aon’s clients reporting a 17.8% adjusted decrease in average price per million in Q4 over the same…
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Property
Cost of devastating Turkey earthquakes expected to top $1bn
Powerful earthquakes in Turkey, near the border with Syria, are likely to cause over $1bn in economic damages and the death toll could rise to tens of thousands, according to…
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ESG
Marsh reported to US government over role in controversial East Africa pipeline
Human rights and environmental groups have filed a complaint to the US government alleging that Marsh has violated OECD guidelines by broking cover for the planned East African Crude Oil…
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Legal & Regulation
Insurance Europe urges focus on equalisation reserves in EC tax reform
Insurance Europe wants the EC to recognise equalisation provisions for tax purposes as it prepares to introduce BEFIT, a new consolidated and simplified pan-European corporate tax regime. Risk and insurance…
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People Moves
Aon names Penalva head of enterprise clients in EMEA
Aon has appointed Pedro Penalva as head of enterprise clients for the EMEA region. Penalva joined Aon in 2010 and most recently served as CEO for Iberia, Africa and Israel,…
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GRM News & Analysis
Mexico: hard market, inflation and growing global programmes
The Mexican insurance market is, like many other markets globally, facing a number of challenges, not least the difficult economic conditions both within the country and globally. The country’s GDP…
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GRM Insurance
New drone insurance facility launched by Apollo and Moonrock
Specialist (re)insurer Apollo has launched a new drone insurance facility in partnership with Moonrock Drone Insurance, providing coverage for larger commercial drone operations. Apollos said it will be providing capacity…
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France
French mid-sized companies struggle to find cover
Mid-sized companies in France struggled to find adequate coverage during their latest renewals but large risk buyers report an improvement in market conditions at year-end. Speaking at the 30th Rencontres…
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GRM People Moves
New CFO for Africa Specialty Risks as co-founder steps down
Africa Specialty Risks (ASR) has appointed Ciaran O’Donnell as chief financial officer. Bryan Howett, co-founder and CFO of ASR, has decided to step down from his position to pursue other…
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Market
CNA’s 2022 net income down 26%
CNA reported net income fell 26% last year to $894m despite a 9% increases in net written premiums to $8.66bn. The US-based insurers’ combined ratio improved during the 12 months…
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Market
Hard cat market risks eroding value of insurance, warns leading broker
The hard property catastrophe risk transfer market is likely to further devalue corporate insurance and raise further questions about the relevance of cover for corporate buyers, a leading broker has…
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People Moves
Ascot names Jonathan Zaffino CEO
Ascot has named Jonathan Zaffino as CEO following the retirement of Andrew Brooks, who will continue to serve as a director on the board. Zaffino, who will also join the…
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Legal & Regulation
Moody’s downgrades SCOR after CEO replaced
Moody’s has downgraded the Insurance Financial Strength Rating (IFSR) of SCOR and its key operating entities to A1 from Aa3. The rating agency has changed the outlook on the lower…
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Marine
Coverage restrictions set to prolong tough marine hull market
Restrictive coverage and wordings are likely to cause problems for buyers in the hull market as rates stabilise, according to the latest update from broker Miller. Concerns about global inflation…
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Executive & D&O
D&O specialist MGA Rising Edge partners with insurtech
MGA Rising Edge and insurtech mea have formed a partnership that sees the MGA deploying mea ingestion, a digital processing platform, to automate submissions intake. “We are impressed by the…