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Captives
Marsh forms new collateralised reinsurance platform in Bermuda
A new segregated account company (SAC), Cerulean Re SAC Ltd, has been formed in Bermuda through a joint venture between GC Securities (as arranger) and Marsh Captive Solutions (as insurance…
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CRE Insurance
AmTrust at Lloyd’s aims to combine its three non-life syndicates
AmTrust at Lloyd’s is looking to combine its three fully aligned non-life Lloyd’s syndicates under management and has applied to Lloyd’s for approval. AmTrust has submitted a syndicate business forecast…
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CRE Insurance
Insurance Europe still has concerns despite improvements in OECD’s BEPS guidance
Insurance Europe has noted improvements in the Organisation for Economic Co-operation and Development’s (OECD) revised discussion draft on its base erosion and profit shifting (BEPS) Action 7, but has raised…
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Africa
New supply chain director for Guinness Nigeria
Among a raft of senior appointments at Guinness Nigeria, Colman Hanna has been appointed supply chain director, after two years with Diageo US Virgin Islands as vice-president of operations. During…
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CRE Insurance
Chubb chooses Paris as post-Brexit EU headquarters
Chubb plans to locate its EU headquarters in Paris if the UK leaves the EU as expected in March 2019. The insurer said the move would allow it to continue…
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Africa
Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds
Cargo theft accounted for 10% of all claims recorded by transport and logistics insurer TT Club during the past 10 years, and continues to cause considerable loss to insureds and…
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CRE Insurance
Alternative capital and cat bonds break record
Alternative (re)insurance capital has again broken records in the year to June 2017 and now totals $88.8bn, with catastrophe bonds worth $11.3bn beating the previous record of $9.4bn set in…
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Africa
South African government publishes draft privacy rules
The South African Information Regulator has published the draft Protection of Personal Information (POPI) rules and invited people to comment on them by 7 November 2017. For risk managers, there…
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BI
RMS: Hurricane Harvey to cost insurers up to $40bn
Hurricane Harvey’s insured loss estimates have risen to between $25bn and $35bn and could be as high as $40bn, according to RMS. Potential total economic losses are running three times…
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BI
Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts
Insured US loss estimates from Hurricane Irma have fallen as the storm headed west and reduced to a category 1 storm, but the insurance industry is still expected to face…
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CRE Insurance
Validus Specialty renews PRI binding authority at Lloyd’s
Validus Specialty Underwriting has announced the renewal of its political risk insurance (PRI) binding authority from its New York office, underwritten 100% by various underwriters at Lloyd’s and led by…
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Global Risk Manager
Best expects improved solvency and insurance penetration in Mexico
The new Solvency II-type regulations in Mexico allow for more efficient capital use, innovation in new segments and expanded distribution channels, according to a new report from AM Best. It…
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Association News
Finalists of European Risk Management Awards announced
The finalists of this year’s European Risk Management Awards’ Excellence in Customer Services categories, which aim to reward and promote best practice and innovation among companies that serve the risk…
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Africa
Kenya tops list in terms of financial inclusion
Kenya tops the list in financial inclusion, with a new report giving the country a rating of up to 89%. According to the 2017 Brookings Financial and Digital Inclusions Project…
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Africa
Rwanda gets vote of confidence from ratings agency and World Bank
S&P Global Ratings has affirmed its B/B long- and short-term foreign and local currency sovereign credit ratings on Rwanda. The outlook is stable. The move came just two days after…
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Association News
Airmic and insurance industry welcome Ogden Rate reform
The UK government has responded to pressure from the risk and insurance industry and will reform the way it sets the Ogden Rate, a discount applied by courts in awarding…
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Asia
EY and Guardtime launch marine insurance blockchain platform
Consultant EY and software security firm Guardtime have launched what they claim is the world's first blockchain platform for marine insurance. The project also involves a number of other partners…
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GRM Insurance
Markel to acquire electrical contractors insurance company
Markel International, the London-based specialist insurer, has announced that it is planning to acquire the business of EC Insurance Co (ECIC). ECIC, whose ultimate parent is the Electrical Contractors’ Association…
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Association News
No rate increases for German buyers, says Mahnke
Increased capacity within industrial insurance from new carriers means German companies will continue to enjoy current market conditions and not face rate increases, Alexander Mahnke, president of the GVNW, told…
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Association News
GVNW steps up lobbying effort to ease placement of global programmes
Non-admitted rules that ban insurers from writing industrial business in certain countries are still a major hassle for big companies setting up international programmes, and the GVNW is working hard…