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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…
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Market
February 22, 2024
Profit jumps 21% at Zurich to record-high $7.38bn
Zurich’s operating profit jumped 21% in 2023 to $7.38bn, a new record for the group driven by commercial insurance and putting the firm ahead of target. Profit from Zurich’s P&C…
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Cyber & Technology
February 22, 2024
EU consults on strategic union-wide response to cyber threat
EU member states, with the support of the EC and the EU Agency for Cybersecurity (Enisa), have presented a report on cybersecurity and resilience among EU communications infrastructures and networks,…
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Market
February 22, 2024
AXA targets above-GDP growth in healthy commercial lines
AXA has revealed a new strategy for 2024 to 2026 that includes an ambition to continue growth in its core P&C commercial lines, on the back of the ongoing healthy…
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North America
February 22, 2024
US product recalls hit five-year high but impacted units halve: Sedgwick
Product recalls in the US recorded an increase of 11% in 2023, according to Sedgwick, reaching a five-year high with 3,301 events. Publishing its State of the Nation Recall Index,…
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Brokers
February 22, 2024
Gallagher Specialty launches parametric insurance centre of excellence
A new parametric insurance centre of excellence has been created by London-based Gallagher Specialty. The move is in response to changing market conditions and client demand, with alternative risk transfer…
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Global Risk Manager
February 22, 2024
Verisk Maplecroft highlights increasingly interconnected ecosystem of risk
The global risk landscape in 2024 “will remain locked in a process of sweeping realignment that is amplifying a complex set of systemic risks that are increasingly transcending borders and…
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Brokers
February 22, 2024
Aon appoints head of professional services group, global broking centre
Alicia Goosen has been appointed as head of Aon’s professional services group, in the global broking centre. She will be based in London and will report to Aon’s leader of…
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ESG Analysis
February 22, 2024
Implementation and enforcement of ESG rules focus in 2024
Policymakers and regulators in 2024 will focus more on implementation and enforcement of the new rules after last year’s frenetic development of ESG regulation across the globe, according to Linklaters…
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ESG Insurance
February 22, 2024
Insurers ready to support battery energy storage systems despite risks
Underwriters remain optimistic about the potential of the global battery energy storage systems (BESS) market provided key risks are managed, despite a track record of concerning failure events, according to…