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Property
January 30, 2024
Reinsurance tightening to hit local primary industrial fire markets
The recent January reinsurance renewal saw treaty reinsurers take a tougher stance on large industrial fire accounts that will likely filter through to primary buyers, reinsurance broker Gallagher Re International…
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North America
January 30, 2024
US operation launched by Brace Underwriting
Brace Underwriting, the UK-headquartered capacity provider to alternative risk MGAs, has launched a US operation based in North Carolina. Brace USA will mirror the appetite of its London counterpart, focusing…
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GRM Captives
January 30, 2024
Strategic Risk Solutions to acquire Robus Group from Ardonagh
Strategic Risk Solutions (SRS) is to acquire independent captive and insurance management firm Robus Group from The Ardonagh Group, subject to regulatory approval. Robus has operations in Guernsey and Gibraltar,…
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ESG Insurance
January 30, 2024
Captive owners wise to embrace ESG issues
Captive owners that care about ESG issues will be able to create beneficial and long-term relationships with insurers and reinsurance partners, experts say. They were speaking during a panel session…
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Cyber & Technology
January 30, 2024
Only half of companies confident in AI security, S-RM survey finds
Almost all (97%) of US and UK business leaders plan to increase their use of AI over the next 12 months, in areas other than for IT security, according to…
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Cyber & Technology
January 30, 2024
EU expresses solidarity with Australia following Russian cyberattacks
The European Union and its member states have expressed “solidarity” with Australia on the impact of malicious cyber activities against its healthcare sector, notably against a major health service provider,…
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M&A
January 30, 2024
Howden buys UK risk manager AHR Consultants
Broker Howden has acquired UK risk management group AHR Consultants, which specialises in providing HR support for businesses alongside health & safety compliance guidance, support for risk assessments and fire…
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GRM News & Analysis
January 30, 2024
Swiss Re to accelerate growth of international programme business in 2024
Swiss Re Corporate Solutions, the direct commercial unit of reinsurer Swiss Re, expects further growth in its international programme business this year as it takes on new large clients and…
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CRE Legal Regulation
January 30, 2024
OpenAI faces GDPR breach probe in Italy
Italy’s data protection agency has accused OpenAI, which operates generative AI platform ChatGPT, of breaching Europe’s General Data Protection Regulation (GDPR). The Garante per la Protezione dei Dati Personali said…
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CRE Insurance
January 30, 2024
Danish broker Söderberg & Partners acquires Lockton Denmark’s pensions business
Danish broker Söderberg & Partners will acquire Lockton Denmark’s pensions business, Lockton has announced. Sten Asmussen and Erik Ludvigsen will move from Lockton Denmark to Söderberg & Partners, a member…
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Captives
January 30, 2024
Owners using captive cells to manage difficult markets
Cell captives can provide a quick and effective solution for buyers facing difficulties in placing coverage in the commercial market, a panel of experts said during a session at the…
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Risk Management
January 30, 2024
New York, LA and London top world’s most resilient cities list
US cities New York and Los Angeles top a list of the world’s 25 most resilient cities in a report from Tokio Marine Group and Economist Impact. Rounding out the…
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CRE Legal Regulation
January 30, 2024
EC launches package of measures to tackle security risks
The European Commission has adopted five initiatives to strengthen the EU’s economic security at a time of “growing geopolitical tensions and profound technological shifts”. The EC said that the package…
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Asia
January 29, 2024
Howden appoints chief client officer in Asia
Mike Baker has been appointed as chief client officer, Howden Asia. Howden said Baker’s role is to further develop Howden’s large client proposition in the region, focusing on servicing multinational…
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ESG Insurance
January 29, 2024
Howden launches carbon capture and storage insurance facility
An innovative insurance facility covering the leakage of carbon dioxide (CO2) from commercial-scale carbon capture and storage (CCS) facilities has been launched by Howden. The broker said the product, designed…
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Cyber & Technology
January 29, 2024
Data breach victims almost double in UK, says Chaucer
Cyberattacks in the UK last year breached the financial data of 53 million individuals, according to global specialty insurer and reinsurer Chaucer. In the year to September 2023, Chaucer recorded…
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DACH
January 29, 2024
Germany needs flood ‘masterplan’, says GDV
The German insurance association (GDV) has called for a “well thought-out masterplan” with federal and state involvement to tackle the nation’s rising flood challenge, after Germany suffered another €200m in…
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ESG
January 29, 2024
Efrag consults on sustainability standards for captives and SMEs
The European Financial Reporting Advisory Group (Efrag) has opened a public consultation on two Exposure Drafts for sustainability reporting standards for SMEs, including captive insurers and reinsurers. The association sa...…
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Legal & Regulation
January 29, 2024
Brazil court orders mining firms to pay $9.6bn for 2015 dam collapse disaster
Brazilian mining company Vale, Anglo-Australian mining firm BHP and their joint venture Samarco have been ordered to pay $9.6bn for damage caused by the collapse of a tailings dam in…
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Market
January 29, 2024
Gallagher’s revenue up 17.9% last year but profit falls
A J Gallagher reported revenue of $9.93bn last, up 17.9% compared with 2022, and net earnings of $966m, down 13.4%. Fourth-quarter revenue rose 19.9% to $2.39bn.Organic revenue, which excludes acquisitions…