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CRE Insurance
Munich Re and Beazley launch $100m cyber risk transfer option
Munich Re and Beazley have launched a cyber risk transfer option that offers up to $100m of capacity to large global corporates for a range of first-party and third-party exposures.…
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CRE Insurance
Duperreault reportedly in running to become new AIG CEO
Former ACE chief Brian Duperreault is being considered as the new CEO of AIG, according to media reports. Citing sources close to AIG’s board, which is in the process of…
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Analysis & Opinion
A spotlight on global solutions for employee benefits
More and more large multinationals are realising that there is a significant opportunity to optimise their global employee benefits arrangements by structuring and managing their local benefit plans more holistically.…
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Aviation
City watchdog raids aviation brokers in antitrust probe
The Financial Conduct Authority (FCA) has launched an antitrust investigation into the aviation insurance broking sector. The Financial Times said last week that the City watchdog had made dawn raids…
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CRE Legal Regulation
DAS LawAssist extends ATE cover to IP and construction disputes
The after-the-event insurance division of the DAS UK Group has extended the cover of its civil and commercial litigation product to include intellectual property and construction disputes. Enrique Gomez, head…
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Asia
Hong Kong-listed Chinese P&C insurers see profits drop and slower premium growth
Hong-Kong listed Chinese property and casualty (P&C) insurers saw a deterioration in profits in 2016, according to Moody’s Investors Service. The ratings agency said listed P&C insurers saw profits drop…
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Global Risk Manager
Soft market conditions still favouring North American insurance buyers
North American insurance buyers can expect a favourable and stable commercial insurance market, despite potential changes from Washington, DC, which could alter marketplace dynamics that have sustained prolonged soft market…
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CRE People Moves
Willis Towers Watson reshuffles global FINEX senior management
Willis Towers Watson has announced a series of senior appointments across its global FINEX business – the company’s financial, executive and professional risk specialty group, part of its corporate risk…
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Global Risk Manager
Uptick in M&A insurance claims as big deals go sour
The frequency and severity of M&A insurance claims is growing, according to AIG, one of the largest writers of representation and warranty (R&W) insurance globally. Large deals are proving to…
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CRE Insurance
Fed fines Deutsche Bank $156.6m for FX and other violations
The US Federal Reserve has fined Deutsche Bank $156.6m in civil penalties for foreign exchange (FX) misdemeanours and failing to adhere to speculative investment Volcker rules. Deutsche Bank will have…
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CRE Insurance
AIG expects $100m reserve addition from Ogden rate increase
AIG is the latest insurer to announce that a reduction in the UK’s Ogden rate, which sets the discount applied to lump-sum bodily injury payments, will hit its first quarter…
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Africa
Kenya lining up for more private sector investment
Fitch Ratings has been analysing the recent budget in Kenya and believes it signals a move from government spending to increase private sector development. It said: “The fiscal targets in…
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Asia
Global insurance industry to see stronger growth in 2018
The global insurance industry is expected to see nominal premium growth in 2017, but 3% growth in 2018, driven by better economic prospects in the USA and in many emerging…
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CRE Insurance
Robust reinsurance market despite soft conditions says Willis Re
Reinsurers’ results for 2016 show that the reinsurance market is robust despite the continuing soft market conditions, according to Willis Re’s latest Reinsurance Market Report. Aggregate shareholders’ funds for companies…
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CRE People Moves
Pioneer expands miscellaneous E&O division
Pioneer Underwriters has expanded its miscellaneous E&O division in the US with the appointment of Milan Devetak as senior underwriter and Andrew Nowlan as underwriter. Both will be based in…
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Global Risk Manager
AmWINS adds $500m gross premium with Partners Specialty acquisition
AmWINS Group, the biggest US wholesale broker, is to acquire Partners Specialty Group LLC. The resulting specialty insurance broker will place in excess of $14bn in annual premiums and have…
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Africa
Fitch affirms Lesotho ratings
An early election and political volatility has not been enough to change Fitch Ratings in affirming Lesotho’s long-term foreign and local currency issuer default Ratings (IDRs) at B+. The outlooks…
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GRM Insurance
XL Catlin hikes available terrorism insurance limits in US
XL Catlin has raised its available terrorism insurance limits by 25%, to $250m from $200m in response to calls from clients for higher levels of coverage. XL Catlin’s standalone terrorism…
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Captives
Cayman Islands insurance industry reports strong start to 2017
The Cayman Islands insurance industry has seen a “buoyant start to 2017”, with eight new insurer licences issued in the first quarter, according to the Insurance Managers Association of Cayman…
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Asia
Malaysian insurance regulator may seek greater enforcement of foreign ownership cap
The regulator in Malaysia is reportedly looking at taking a stricter line on foreign ownership of insurers, according to Bloomberg. The news agency said Bank Negara Malaysia was considering tougher…