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Risk Management
February 14, 2024
Ethics and compliance programmes shift to risk mitigation over past year
Ethics and compliance (E&C) programmes have shifted their focus to risk mitigation this year, driven by rising regulatory action, the use of AI and hybrid working, according to a survey…
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Market
February 14, 2024
AIG posts strong underwriting result as rate increases continue
AIG reported an impressive underwriting result and combined ratio for full-year 2023, alongside rate increases in line with, or above, loss costs trends. But the results for the fourth quarter…
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Legal & Regulation
February 14, 2024
EU and parliament agree new deal to improve maritime safety
The European Council and parliament have reached a provisional agreement to revise the 2009 directive that governs accidents investigations in the maritime transport sector. The new legislation forms part of…
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Middle East
February 14, 2024
Strong growth forecast for Saudi Arabia’s general insurance industry
Saudi Arabia’s general insurance industry is expected to grow by 8.1% in 2024, according to GlobalData, supported by the health and motor insurance lines. These two lines together accounted for…
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Pandemic
February 13, 2024
Covid BI litigation slowly favouring policyholders but key questions remain
Policyholders continue to make progress in their fight to recover Covid-19 business interruption losses from insurers, although the settlement of recent cases and appeals still leaves several important unresolved issues,…
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GRM Insurance
February 13, 2024
GBN Worldwide launches London-based broker and MGA
Global insurance network GBN Worldwide has launched GBN Risk Solutions (GBN RS), a London-based independent broker and MGA. It will initially offer services to UK brokers with international business, with…
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Captives
February 13, 2024
Google reportedly keen on Lloyd’s captive ahead of government consultation
Google has reportedly received a positive response from Lloyd’s to create a captive syndicate, in a move that could finally kick-start the ‘onshore’ captive market in the UK following recent…
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Marine
February 13, 2024
Skuld cancels Red Sea war protection for fixed premium customers
Norwegian P&I insurer Skuld is cancelling war cover for non-mutual policyholders operating in the Red Sea after its own reinsurers pulled protection. But CEO of Skuld Ståle Hansen said the…
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Brokers
February 13, 2024
Marsh expands London market digital trading platform
Marsh is rolling out the next phase of its digital trading platform for risks placed in the London market to cover all UK specialty and international business. Following a pilot…
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Captives
February 13, 2024
New captive manager launched in Guernsey
Insurance outsourced services business PoloWorks has launched a captive management firm based in Guernsey. Polo Insurance Managers has been granted ‘approval in principle’ by the Guernsey Financial Services Commission. Pol...…
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GRM Insurance
February 13, 2024
Davies buys international forensic accounting firm
Davies is to acquire international forensic accounting firm Matson, Driscoll & Damico (MDD). It will form a new business line within Davies’ Global Solutions division, establishing a new global forensic…
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Cyber & Technology
February 13, 2024
WTW launches cyber cover for international buyers
WTW has announced new primary cyber and tech E&O cover, underwritten by Lloyd’s syndicates, for businesses headquartered outside Great Britain and the US. WTW’s International CyCore Facility (ICF) is aimed…
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Legal & Regulation
February 12, 2024
Germany and Italy derail due diligence law
The future of the EU’s Corporate Sustainability Due Diligence Directive (CSDDD) has been thrown into serious doubt after Germany and Italy derailed the regulation, by making clear that they would…
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Asia
February 12, 2024
Double-digit growth forecast for Chinese property insurance industry in 2024
The Chinese property insurance industry is expected to grow by 12.3% in 2024, supported by positive regulatory developments and an increase in demand for fire and home multi-risk property insurance…
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Liability
February 12, 2024
London seeing increased casualty capacity and stabilising markets
Casualty lines in the London market are seeing increased capacity and rates are stabilising, according to Miller’s London and International Market Update January 2024. The broker said the US casualty…
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Energy
February 12, 2024
New head of power generation at Tokio Marine HCC International
Nicola Hannay has been appointed as head of power generation in the London-based energy practice of Tokio Marine HCC International (TMHCCI). The insurer said the appointment will see it further…
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Clyde & Co
February 12, 2024
AI, data protection and the extraterritorial effect of the UK GDPR
On 15 January 2024, the UK Information Commissioner’s Office (ICO) launched its consultation series on generative AI and data protection, which is due to close on 1 March 2024. The…
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Market
February 12, 2024
Sampo profit down 23% in 2023 despite fourth-quarter surge
Nordic insurer Sampo reported a 23% drop in pre-tax profit for full year 2023 to €1.48bn on a reported basis, although the fourth quarter closed with a 449% gain at…
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Marine
February 12, 2024
P&I Clubs to increase rates by 5% to 7.5%
All 12 mutual members of the International Group of P&I Clubs will increase premium rates at the 20 February renewal, primarily because of inflation, but there should be less need…
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Cyber & Technology
February 12, 2024
French data commission confirms data breach hits 33 million citizens
The French National Commission for Information Technology and Liberties (CNIL) is carrying out investigations into a data breach affecting more than 33 million French citizens that hit the operators Viamedis…