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Insurance
Plans to tax US reinsurance transfers overseas ‘insane’: Noonan
The plan to eradicate tax deduction for reinsurance placed with foreign reinsurers by US insurers, based on the argument that this represents an import, is “insane” according to Ed Noonan,…
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CRE Insurance
Manufacturers’ cyber policy developed by Arthur J Gallagher
The rising risk of cyber attacks, coupled with increased vulnerability and largely excluded exposures, represents a perfect storm for the manufacturing trade, according to Arthur J Gallagher. The broker has…
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Cyber & Technology
Marsh launches new cyber risk policy
A cyber risk and data breach insurance policy aimed at mid to large-sized organisations outside the US has been launched by broker Marsh. Underwritten at Lloyd’s, Marsh CyberShield can provide…
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Africa
Credit insurer ATI backs Ethiopian Airlines US$159m fleet expansion
The African Trade Insurance Agency (ATI) has concluded its first deal in Ethiopia, backing a US$159m loan from the African Development Bank (AfDB) to fund Ethiopian Airline’s fleet expansion with…
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Association News
EC calls on member states to close gaps in environmental law
The European Commission (EC) has rolled out a programme of measures to address gaps in member states’ implementation of environmental laws and policies. Speaking to Commercial Risk Europe last week,…
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Association News
Diversity of knowledge key to managing risk: Airmic
Boards and their risk management advisers will need more diverse experience and expertise as they grapple with the rapidly changing risk environment, according to Airmic. The UK risk management body…
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CRE Insurance
Munich and Hannover Re report reduced premiums in tough market
Munich Re and Hannover Re both posted preliminary year-end 2016 figures yesterday that showed lower operating profits and reduced gross premiums written, in what remains a tough international reinsurance market.…
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Insurance
Consolidation continues as Argo closes Ariel deal
Consolidation within the international specialty insurance and reinsurance market continues, as Bermuda-based Argo Group announced that it has closed the acquisition of Ariel Re, the Bermuda-based global insurer and reinsurer...…
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CRE Insurance
The Galaxy Note7 and product recall
The recent tale of the Samsung Galaxy Note7 raises numerous points of interest for product manufacturers, risk managers and their insurers. Soon after the Samsung Galaxy Note7 launched in August…
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Africa
Water scarcity rising up risk agenda
Assets will be stranded and investors will walk away unless mining companies show they are dealing with water scarcity, mine owners warned at the annual mining indaba in Cape Town.…
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Climate Change
Ferma to advise risk managers on EC’s new ELD three-year plan
The European Commission will propose what it calls a “multi-annual rolling work programme” (MAWP) to member states’ experts and stakeholders this month, which it hopes will improve the interpretation of…
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CRE Insurance
Allied World reports 2016 profits as $4.9bn Fairfax deal nears closure
Allied World Assurance prepared for its soon to completed $4.9bn takeover by Canadian financial group Fairfax by reporting a net loss of $40.9m for the fourth quarter of 2016, compared to…
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Insurance
Benchimol sees pockets of stabilisation in tough global market
Albert Benchimol, president and CEO of AXIS Capital, the Bermuda-based international insurance and reinsurance group, has said that he sees “pockets of stabilisation” and even price increases in some lines…
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CRE Legal Regulation
Clyde & Co expands US team and opens new offices
International law firm Clyde & Co has opened new offices in Chicago and Washington, DC, and has hired a ten-partner insurance and litigation group.
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Insurance
Rating pressure weighs on Validus’s Q4 results
Tough underwriting conditions in international property and rate reductions across its entire portfolio led Bermudian reinsurer Validus Holdings to report an 89% drop in net profit for the fourth quarter…
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Cyber & Technology
Buyer’s market for US commercial insureds will last through 2017
This year will be another commercial insurance buyer’s market in the US, according to the Wells Fargo Insurance Market Outlook 2017 – although the cuts will not be as deep…
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CRE Insurance
Solvency II’s excessive conservatism risks harming consumers – Insurance Europe
Policymakers need to take action to make the Solvency II framework more reflective of reality, according to Insurance Europe, the European insurance and reinsurance federation. It said that while the…
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Asia
Aon reports increasing sophistication of Asian captives
Captive owners in Asia are showing an unprecedented level of sophistication and increasing their captives’ involvement in non-traditional lines, according to Aon. In its Asia Market Review 2017, Aon said…
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Africa
South African government pushing for better safety records in mines
Risk managers with mining interests in South Africa have been warned greater value must be placed on the lives of mine workers and that the government will take action against…
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Africa
IMF urges Angola to act fast to counter economic shock of oil price falls
International Monetary Fund (IMF) officials have urged the Angolan government to do more to counter the effects of the low oil price, to help shore up its economy. In a…