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Climate Change
March 27, 2024
WTW says risk management needs more focus on volcanic eruptions
WTW and the University of Geneva are working to quantify systemic global risks from very large volcanic eruptions, to help shine light on a threat that they warn has been…
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CRE Insurance
March 27, 2024
Europe’s reinsurers ‘strong enough’ to build additional reserves, says AM Best
Europe’s four largest reinsurers – Munich Re, Swiss Re, Hannover Re and Scor – more than doubled combined earnings in 2023 to €10.2bn, according to analysis from AM Best. Higher…
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CRE People Moves
March 27, 2024
Sedgwick names COO for UK
Claims management firm Sedgwick has appointed Peter Farrelly as chief operating officer in the UK. Farrelly joined Sedgwick in 2019 as managing director for its UK commercial claims services, spearheading…
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Market
March 27, 2024
Market conditions remain ‘positive’ despite rising competition: Brit
Martin Thompson, group chief executive officer at London-based specialty carrier Brit, said that market conditions continue to harden overall and remain “broadly positive” despite rising competition and rate reductions, as…
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GRM News & Analysis
March 27, 2024
Complex global risk landscape sees end of ‘holiday from history’
A new report from Howden suggests that the world’s ‘holiday from history’ has ended due to devastating wars, geopolitical instability and weakening global trade, and, as a result, the global…
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North America
March 27, 2024
Group captive for US transportation industry launched by Artex
Artex Risk Solutions has launched a new group captive designed to address risks for transportation, trucking for hire, convenience store operators and petroleum marketers in the US. According to Artex,…
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GRM Insurance
March 27, 2024
New insurance facility for custodians of digital assets
A new insurance facility for custodians of digital assets, including financial institutions has been launched by Marsh. The broker said it is the largest facility of its kind, providing insurance…
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Cyber & Technology
March 27, 2024
Hannover Re combines cyber and digital in new specialty unit
Hannover Re will combine its global cyber and digital business in a move that it said will further strengthen its underwriting expertise by creating a new specialty reinsurance business unit.…
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Cyber & Technology
March 27, 2024
Coalition adds AI affirmative endorsement
Cyber managing general agent Coalition has added an artificial intelligence affirmative endorsement to clarify what is covered by its US surplus and Canada cyber insurance policies. The endorsement expands the…
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UK/Ireland
March 27, 2024
Five London insurers awarded underwriting service quality marque
London-based insurers Arch Insurance, Canopius, Convex, The Hartford and Tokio Marine Kiln have all been awarded the underwriting service quality marque (SQM) by insurance research consultancy Gracechurch. The insurers achiev...…
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ESG People Moves
March 27, 2024
New head of catastrophe research at MS Amlin
Sam Phibbs has been appointed as head of catastrophe research at Lloyd’s (re)insurer MS Amlin. Phibbs will oversee the syndicate’s catastrophe modelling capabilities across all perils, from hurricanes and flooding…
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ESG
March 26, 2024
EC adopts tougher criminal sanctions for environmental crime
The European Council has formally adopted a directive to protect the environment through criminal law. It said that the law will improve investigation into environmental crime offences and increase prosecution.…
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Terrorism
March 26, 2024
Policyholders to benefit from Pool Re’s new treaty structure
UK policyholders, insurers and tax payers are expected to benefit from the shift of state-backed terror insurance facility Pool Re from its current facultative obligatory form to an aggregate catastrophe…
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Market
March 26, 2024
HDI Global posts strong growth despite rising competition
HDI Global has announced double-digit growth in insurance revenue and a further improved combined ratio as the Germany-based insurer continued to benefit from favourable, though increasingly competitive, commercial and corpor...…
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Risk Management
March 26, 2024
Companies must accelerate transition to strategic risk management in face of polycrisis, says Ferma
Ferma has told Commercial Risk that while the upward direction of travel is clear, there remains a way to go before risk management becomes a fully integrated part of strategic…
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Cyber & Technology
March 26, 2024
UK imposes sanctions for China-backed cyberattack on electoral register
The UK government has imposed sanctions on two Chinese nationals and a company after accusing China state-backed actors of orchestrating cyberattacks against the country’s electoral commission between August 2021 and…
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GRM Insurance
March 26, 2024
Nat cat insured losses totalled $108bn in 2023, says Swiss Re institute
Global insured losses from natural catastrophes in 2023 exceeded $100bn for a fourth consecutive year, according to Swiss Re Institute. It said last year saw $108bn in insured losses, including…
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Insurance
March 26, 2024
Softer UK PI market drives fewer law firm closures
Softer rates for professional indemnity insurance (PII) in the UK, driven by capacity from new entrants, has seen the number of law firms closing due to problems securing mandatory cover…
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AIG
March 26, 2024
Securing access to critical metals – AIG Global Trade Series
Listen to this expert discussion on supply, demand and contrasting approaches to security in critical metals, from both European and US perspectives, in the first podcast of the GTS 2024…
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GRM Insurance
March 26, 2024
Non-damage BI parametric weather product launched by Chaucer
Chaucer has launched a new parametric weather product to cover non-damage business interruption. The London-based specialty (re)insurer has partnered with a team based in the US and will provide all…