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Market
November 10, 2023
Scor swings to Q3 profit, but says man-made losses ‘too high’
Scor’s CEO Thierry Léger said it intends to “take advantage” of the hard market at January renewals “with new business generation at very attractive margins” on publishing its third-quarter and…
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CRE Insurance
November 10, 2023
Inflation driving higher-for-longer commercial rates: AM Best
Europe’s top ten property/casualty insurers are outperforming their smaller rivals and are better able to capitalise on the hard insurance market, AM Best told Commercial Risk. Speaking to Commercial Risk,…
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GRM Insurance
November 10, 2023
Best maintains outlooks on insurance sectors of Colombia and Costa Rica
AM Best is maintaining its negative outlook on Colombia’s insurance segment and its stable outlook on Costa Rica’s insurance industry. In Colombia, economic conditions are improving, but with the recent leadership…
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Market
November 10, 2023
Liberty Mutual reports $219m Q3 profit
Liberty Mutual Holding has reported third-quarter net income of $219m, compared with a $353m net loss during the same period last year. The insurer attributed the positive development to improved…
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CRE People Moves
November 10, 2023
Axis appoints Owen CEO of Lloyd’s unit
Axis Capital has named Jon Owen as chief executive of its Lloyd’s unit Axis Managing Agency. Owen is currently head of specialty business, global markets at Axis having been with…
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Climate Change
November 10, 2023
Climate change: Long term resilience over short-term cost efficiencies
Companies should invest in long-term resilience rather than looking for short-term cost efficiencies if they are to manage the future impact of climate change. This was the advice issued by…
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GRM Captives
November 10, 2023
France and Lloyd’s set out their pitch for captive business
Europe’s captive market is set for new competition with the emergence of separate initiatives from Lloyd’s of London and France. Representatives from both Lloyds and the newly formed French Federation…
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Marine
November 9, 2023
Marine hull risk managers face prolonged hard market as dark clouds gather
Marine hull insurers are enjoying a healthy period with strong premium growth on the back of a tighter insurance market, renewed underlying activity and decent loss ratios, according to latest…
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Climate Change
November 9, 2023
Insurers called out for ‘greenwashing profits’ from fossil fuel underwriting
Insurers are prioritising profits over the planet by continuing to underwrite projects for fossil fuel companies, according to campaign group Insure Our Future. Naming the world’s most active insurers of…
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Market
November 9, 2023
Zurich reports 9% premium growth driven by rates
Zurich Insurance Group has reported property/casualty insurance revenue up 9% for the first nine months of 2023, driven by strong growth in commercial and retail insurance. Gross written premiums (GWP)…
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Market
November 9, 2023
Hannover Re profits up, uptick in frequency losses
German reinsurance group Hannover Re has posted healthy third-quarter and nine-month results, despite experiencing an uptick in higher frequency losses. Hannover Re’s nine-month net income increased by 25% to €1.4bn,…
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GRM Captives
November 9, 2023
Collaboration is key for captives managing cyber risk
Now is the time for companies to consider using their captives for managing cyber risk, according to a panel of insurers and cyber risk specialists. However, companies should also stop…
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CRE Insurance
November 9, 2023
Nat cat, US liability and construction set for tough renewal
The insurance market is looking much more stable for European buyers at year-end renewals but there remain some difficult areas – such as cat-exposed property, US liability and construction risks…
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Marine
November 9, 2023
IUMI reports strong growth in marine insurance on back of tight market
Reduced insurance capacity and higher premiums combined with increased activity and higher asset values delivered significant growth for the global marine insurance market in 2022, according to latest statistics from…
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ESG
November 9, 2023
The importance of building climate resilience
When it comes to achieving the climate goals set forth in the Paris Agreement, optimism has waned among experts worldwide. What has not changed is the urgency with which the…
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GRM Partner Content
November 9, 2023
The latest generation of AI: Hacker tool or automated defence system?
ChatGPT created hype around AI at the end of 2022. Experts, on the other hand, have been fascinated by artificial intelligence (AI) and its subfields, such as machine learning or…
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Executive & D&O
November 9, 2023
Bankman-Fried withdraws D&O lawsuit against CNA
FTX founder Sam Bankman-Fried, who was found guilty earlier this month of stealing from customers of his now-bankrupt cryptocurrency exchange, has withdrawn a coverage lawsuit he filed against a CNA…
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CRE Legal Regulation
November 9, 2023
Drinks companies accused of greenwashing plastic bottle recycling claims in Europe
A European consumer group has filed a greenwashing complaint to European authorities against major soft drinks companies using plastic bottles including Coca-Cola, Danone and Nestlé. BEUC, together with 13 national…
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M&A
November 9, 2023
James River agrees to sell reinsurance unit to Fleming
James River Group Holdings said it will sell JRG Reinsurance Company, its third-party casualty reinsurance business, to Fleming Insurance Holdings, a portfolio company of Altamont Capital Management LP, for an…
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ESG Regulation
November 9, 2023
UK to regulate ESG ratings industry, reports
The UK government is planning to regulate the ESG ratings industry, according to the Financial Times. The newspaper said that UK ministers intend to unveil formal proposals as early as…