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DACH
January 8, 2024
Gallagher acquires German financial lines broker Köberich
A J Gallagher has acquired German specialty broker Köberich Financial Lines as it continues to expand in Europe. Gallagher said the deal marks its first “on-the-ground” broking team in Germany,…
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CRE Insurance
January 8, 2024
Demand for sovereign debt insurance grows as costs rise: Chaucer
Rates for contract frustration insurance are on the rise as concerns grow that cash-strapped governments are increasingly at risk of defaulting on payments or cancelling commercial contracts, according to Chaucer.…
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Cyber & Technology
January 8, 2024
Merck and insurers settle dispute over 2017 NotPetya cyberattack
Merck has reportedly settled a dispute with insurers over the 2017 NotPetya cyberattack and related $1.4bn claim that insurers said was excluded by policy contract language. Terms of the settlement…
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CRE Insurance
January 8, 2024
Bridgehaven and Avid partner to expand UK property capacity for social housing risks
Capacity for social housing property risks in the UK will be boosted by new excess of loss insurance offered as part of a new partnership between startup Bridgehaven Insurance and…
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Cyber & Technology
January 8, 2024
Cyber insurance market to expand in face of formidable threat environment, says Gallagher
The cyber insurance marketplace will continue to evolve in 2024 and reflect dynamic change as both technology and the threat landscape advances, says Gallagher. It says emerging technology, most notably…
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Asia
January 8, 2024
Insured losses from Japan earthquake pegged at $6.4bn
Karen Clark & Co (KCC) said that total insured losses from the 1 January 7.5 magnitude earthquake that struck off the west coast of the island of Honshu in Japan…
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Aviation
January 5, 2024
Aviation lessor disputes ‘hang over’ market to keep rates high: Gallagher
Legal proceedings brought by aircraft lessors with planes left stranded in Russia after it invaded Ukraine are likely to take years to resolve, creating continued uncertainty for insurance buyers and…
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Asia
January 5, 2024
Japan earthquake losses to be manageable by domestic insurers
Insured losses stemming from the 1 January 2024 earthquake in Japan are expected to have limited credit ratings impact on the major domestic non-life insurers, according to AM Best. Nearly…
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North America
January 5, 2024
US raises reinsurance cover for NFIP flooding losses by 23% for 2024
The US Federal Emergency Management Agency (FEMA) has increased traditional reinsurance cover for its National Flood Insurance Program (NFIP) in 2024 by $619.6m, up 23%, placed with 18 carriers. FEMA,…
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UK/Ireland
January 5, 2024
UK financial services name inflation as top challenge for 2024: KPMG
UK financial services leaders say inflation will be the biggest challenge for their business in the first quarter of 2024, according to research from KPMG. More than half (51%) name…
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CRE Legal Regulation
January 5, 2024
EIOPA warns inflation could increase Solvency II capital
Europe’s insurers have been warned that inflation could drive an increase in their solvency capital requirements (SCR). The European Insurance and Occupational Pensions Authority (EIOPA) says longer-term inflation trends can…
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Trade Credit
January 5, 2024
Trade credit reinsurance market stable with growing capacity
The reinsurance market for trade credit has largely remained stable, with capacity increasing despite continued global economic uncertainty. Reinsurance brokers report that trade credit insurance losses have been below normal...…
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Cyber & Technology
January 5, 2024
Ample capacity for cyber insurance as risks improve
There is ample capacity in the cyber insurance market to meet current demand, with most insurers demonstrating increased appetite for cyber risk, according to Aon. Looking at the January reinsurance…
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People Moves
January 5, 2024
Liberty Mutual names former Marsh exec to cyber post
Liberty Mutual’s Global Risk Solutions business has named former Marsh executive Elisabeth Case as global product manager for cyber. In this new role, Case will manage cyber product and underwriting…
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Market
January 4, 2024
Reinsurance renewals ‘smooth’ but cost of European cat cover up: Aon
The 1 January reinsurance renewals were “relatively smooth” with overall pricing flat to slightly up, but things were tougher for cat-exposed European insurers that saw rates rise, according to Aon.…
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Aviation
January 4, 2024
Japan Airlines expects $100m+ insured loss from runway crash
Japan Airlines said today it expects the total loss of its Airbus A350 on a runway at Tokyo’s Haneda Airport to be covered by insurance, reported by Reuters and trade…
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Aviation
January 4, 2024
Space risks to see decrease in capacity in 2024, says Gallagher
There is expected to be a decrease in capacity for space risks going into 2024 following significant underwriting losses in 2023, though the impact will not be as dramatic as…
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GRM Insurance
January 4, 2024
BHSI adds to multinational capabilities with expanded network and platform
Berkshire Hathaway Specialty Insurance (BHSI) has expanded its partner network and its internal team of multinational experts, as part of a number of enhancements to its multinational capabilities. It has…
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ESG People Moves
January 4, 2024
New associate director in ESG division of S-RM consultancy
Belén Satorre has been appointed as associate director in the ESG division of global intelligence and cyber security consultancy S-RM. In her new role, S-RM said Satorre will help to…
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Brokers
January 4, 2024
Gallagher creates new position to help drive European expansion
A J Gallagher has appointed Nepomuk Loesti from AIG to the newly created role of chief commercial officer for European broking, in a bid to help deliver expansion in the…