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Captives
December 21, 2023
Bermuda passes corporate income tax legislation
Bermuda’s corporate income tax legislation has been passed by its Senate without amendment, according to local newspaper the Royal Gazette. The Corporate Income Tax Act is scheduled to take effect…
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Cyber & Technology
December 21, 2023
EU states agree common position to strengthen cybersecurity
EU member states’ representatives (Coreper) have reached a common position on the so-called ‘cyber solidarity act’ that is designed to strengthen the EU’s capacity to detect, prepare for and respond…
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People Moves
December 21, 2023
AXA XL appoints chief claims officer for APAC and Europe
AXA XL has named Julijana Sumner as chief claims officer for APAC and Europe. Sumner joined AXA XL in 2012 and will move from her current role as head of…
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Aviation
December 21, 2023
Aircraft firms settle with Russian insurer over stranded jets
Leasing firm Dubai Aerospace Enterprise (DAE) has reached a $118m settlement with Aeroflot’s insurer over seven aircraft it had leased to the Russian airline that were stranded after Russia invaded…
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CRE Legal Regulation
December 20, 2023
Ferma welcomes political agreement on Solvency II
Ferma has applauded the efforts of the Spanish Presidency of the Council of the EU, the European Council and the European Parliament for reaching a provisional agreement on the amendments…
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Marine
December 20, 2023
War risk rates spiral as conflict intensifies in Red Sea
The London marine insurance market has widened the area in the Red Sea it deems as high risk after the recent rise in attacks on commercial ships. Guidance from the…
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Cyber & Technology
December 20, 2023
Financial firms incur more cyber breaches than other sectors
Global financial organisations experienced more cyberattacks than average across all sectors, according to cybersecurity vendor Netwrix in a survey of 1,600 IT security professionals in more than 100 countries. According…
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M&A
December 20, 2023
Howden continues European expansion with Netherlands deal
Independent insurance group Howden continues its recent charge into mainland Europe from its London base through the acquisition of VLC & Partners Holding, one of the largest independent insurance brokers…
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Cyber & Technology
December 20, 2023
Cyber reinsurance market expands with cat bonds issuance
The recent issuance of a cyber catastrophe bond by Axis Capital Holdings capped a year in which the insurance-linked securities market showed increased interest in providing cyber-related reinsurance coverage. Market…
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Brokers
December 20, 2023
Leading Peruvian broker added to Brokerslink network
Brokerslink has added Consejeros y Corredores de Seguros, a leading broker in Peru, to its network. Consejeros has its main offices in Lima and Arequipa, and maintains a national presence…
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CRE Legal Regulation
December 20, 2023
Europe’s insurers welcome exemption from due diligence rules
Insurance Europe, the federation that represents the European insurance sector, has welcomed news that the European Parliament and member states agreed the corporate sustainability due diligence directive (CSDDD) but excluded...…
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CRE Associations
December 20, 2023
Ferma announces committee to boost ERM
Europe’s risk management association Ferma will establish a new enterprise risk committee in January after identifying key areas of risk for greater focus. Setting out a list of priorities for…
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Europe
December 20, 2023
Increased volume of EU class actions forecast for 2024
Clyde & Co is predicting that the EU directive on collective redress will see increased volumes of class actions, notably for cyber liability and greenwashing cases. “Next year is likely…
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CRE Insurance
December 20, 2023
Skuld posts decent nine-month result despite turbulent marine market
Norwegian marine insurer Skuld reported a profit of $69m for the first nine months of the 2023/24 financial year, an improvement over the $29m in the same period last year.…
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Asia
December 20, 2023
Malaysia’s non-life insurers hold firm on pricing despite de-tariffication
Malaysia’s non-life insurers are expected to maintain underwriting and pricing discipline, although the phased de-tariffication of motor and fire business has increased pricing competition, which is likely to pressure pricing...…
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ESG Regulation
December 19, 2023
Large UK companies warned over CSDDD
UK companies have been warned “not to rest on their laurels” with regard to the EU’s new Corporate Sustainability Due Diligence Directive (CSDDD), according to law firm RPC. It noted…
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Aviation
December 19, 2023
HDI Global Specialty appoints head of aerospace
Carl Johan Kansmark has become the new head of aerospace at HDI Global Specialty, based at its Scandinavian branch, effective 1 December. HDI said his appointment “represents a strategic move…
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Cyber & Technology
December 19, 2023
Average cost of cyberattack rises 11% in 2023 to $1.7m: S-RM
The average direct cost of a cyberattack climbed 11% in 2023 to $1.7m, with the figure for global firms without insurance up to $2.7m, according to cybersecurity consultancy S-RM. Publishing…
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Market
December 19, 2023
Lloyd’s extends stay at One Lime Street until 2035
Lloyds of London will remain in its iconic headquarters until 2035, with an optional extension in place to extend its stay until 2040. The agreement to stay at One Lime…
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Cyber & Technology
December 19, 2023
UK cyber honeypots attract 5.8 billion attacks in 2023, says Coalition
Three-quarters of 5.8 billion cyberattacks this year on UK honeypots – a trap or decoy to trick threat actors – targeted remote workers, according to data from cybersecurity firm and…