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Marine
February 26, 2024
More than half of UK exporters hit by Red Sea shipping disruption
More than half (55%) of UK exporters have been impacted by disruption to shipping in the Red Sea and face price hikes up to 300%, according to analysis from the…
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ESG
February 26, 2024
Finland, Portugal and France top EU workplace gender-equality ranking
Finland has the most gender-equal workplaces in the EU, followed by Portugal and France, with Hungary bottom of the ranking just below Cyprus and Czechia, finds a new study by…
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Spain/Portugal
February 26, 2024
Valencia fire sparks cladding concern as Mapfre confirms it is on cover
The fire that killed at least ten people in Valencia last week has triggered a debate in Spain about the quality of construction during the property boom of the 2000s,…
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M&A
February 26, 2024
Insurance M&A activity hits bottom but may pick up in 2024
Insurance M&A activity is at its lowest level for a decade, with 346 completed M&As worldwide in the insurance sector in 2023, down from 449 in the previous year, according…
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GRM People Moves
February 26, 2024
New executive director for international markets at QBE
Kevin Shallow has been appointed to the role of executive director, international markets at QBE. The insurer said his role will encompass Lloyd’s and company market operations across international markets,…
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Risk Management
February 26, 2024
UK urged to adopt mandatory internal audits for water firms
UK and Irish auditors have called on water suppliers to conduct mandatory internal audits to identify weaknesses, and operational and financial risks, amid concerns about their financial health. The Chartered…
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Market
February 26, 2024
Berkshire Hathaway’s primary business sees underwriting earnings jump almost 250%
Berkshire Hathaway’s Primary Group, which includes Berkshire Hathaway Specialty Insurance (BHSI) and other primarily commercial units, increased its underwriting earnings by 248% last year to $1.37bn from $393m in 2022.…
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North America
February 26, 2024
Buyers in US faced lower premium increases in Q4 2023
Premium increases in the US insurance market slowed across the board in the fourth quarter of 2023, according to The Council of Insurance Agents & Brokers (CIAB). Its latest quarterly…
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Liability
February 26, 2024
US casualty insurance costs rising for multinationals
Multinational companies with US casualty exposures face higher insurance costs, as insurers and reinsurers react to persistently high loss ratios and social inflation, experts have told Commercial Risk. Peter Linehan,…
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People Moves
February 26, 2024
Lockton CEO steps down
Peter Clune has stepped down as CEO of US-based international Lockton and will be replaced by Ron Lockton, son of the brokerage’s late founder. Ron Lockton, currently executive chairman, previously…
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Market
February 23, 2024
AGCS’s profits up 20.6% to help Allianz Commercial hit €2.6bn
Allianz Global Corporate & Specialty (AGCS) saw its operating profit jump 20.6% last year to €953m and business volume rise 8.1% to €12.25bn under the combined Allianz Commercial banner, to…
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Cyber & Technology
February 23, 2024
Only half of firms retrieve data after ransomware payments
Most cyberattacks breached organisations’ networks through their supply chain, according to US-based cybersecurity firm Cybereason. It found that 41% of breaches were through a supply chain partner, with 24% coming…
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Reinsurance
February 23, 2024
Reinsurance pricing could be affected by influx of alternative vehicles
Alternative-reinsurance vehicles could continue to be the primary source of new capacity in 2024, according to Bloomberg Intelligence. It said these vehicles will compete with rated-reinsurers and affect pricing. Bloomberg...…
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Geopolitical
February 23, 2024
UK extends Russia sanctions to metal, diamond and more energy firms
The UK has extended sanctions to 50 new Russian businesses and individuals, including electronic companies, metal and diamond businesses, oil traders and munitions manufacturers. The UK announced the new sanctions…
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Cyber & Technology
February 23, 2024
UK crime agency hails destruction of world’s ‘most harmful’ cybercrime group
The UK’s National Crime Agency (NCA) has revealed details of an international campaign targeting LockBit, described as the world’s most harmful cybercrime group, that it carried out with the FBI…
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ESG
February 23, 2024
Air pollution rises up risk agenda in UK and EU
Air pollution is the fastest-growing insurance protection gap among climate risks, say Airmic members polled in the association’s latest survey. This comes in the same week as the UK’s House…
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GRM Insurance
February 23, 2024
Customised coverage for asset managers from Mosaic
Bermuda-based specialty insurer Mosaic Insurance has launched a suite of global financial institutions products, offering $25m in investment management insurance (IMI), blended with cyber and other coverage for asset managers...…
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People Moves
February 23, 2024
Munich Re Specialty reorganises US E&S property leadership
Munich Re Specialty Insurance Thursday named Joseph Bonanno and Vanessa Sullivan regional property underwriting managers for excess and surplus lines in the US. Bonanno, who previously led the property practice…
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Risk Management
February 22, 2024
Risk management frameworks key to mitigating AI risks, says Ferma webinar
Responsible AI policies and risk management frameworks will be critical to navigating the complex technical and compliance challenges of artificial intelligence, according to a webinar hosted by the Federation of…
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ESG
February 22, 2024
EU agrees carbon removals certification framework
The European Council and Parliament negotiators have reached a provisional political agreement on a regulation to establish the first EU-level certification framework for permanent carbon removals, carbon farming and carbon…