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Africa
Lloyd’s urges insurers to protect assets from climate change devaluation
Insurance companies should act to identify and mitigate the risk of investment assets vulnerable to potential changes in climate change-related regulation or taxation policies, warns a new report from Lloyd’s.…
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Benelux
Storm Egon losses to top €200m
Storm Egon, which hit parts of France and Germany last month, is estimated to cost insurers €212m, according to data from Zurich-based PERILS. The insurance industry loss database firm said…
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CRE People Moves
SCOR Business Solutions appoints new head
SCOR Global P&C has appointed Rachel Conran as head of SCOR Business Solutions, the business unit dedicated to large corporate risks. She succeeds Emmanuel Fierens and will report to Benjamin…
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CRE Insurance
NAIC slams EU-US covered agreement and calls for renegotiation
The US National Association of Insurance Commissioners (NAIC) has said it is concerned “with the disparate treatment some EU jurisdictions are imposing on US insurers”. Testifying before Congress on behalf…
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CRE Insurance
RSA states aim to ‘outperform’ market as profits rise 25%
RSA said 2016 marked a “turnaround” in its fortunes as the insurer reported a 25% increase in operating profits to £655m, drawing a line under three years of restructuring. Group…
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CRE People Moves
Validus Specialty poaches cyber duo from Nationwide
Validus Specialty, the wholly owned subsidiary of Validus Holdings, has launched a US cyber insurance unit based in New York, poaching two specialists from Nationwide. Jackie Lee joins from Nationwide…
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CRE Risk Management
FRC calls for more powers in response to corporate governance consultation
In response to the UK government’s green paper and consultation on potential corporate governance reforms, the Financial Reporting Council (FRC) has called for stronger enforcement powers, reinvigorated reporting duties, more...…
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CRE Insurance
Chubb sets up Single Global and Large Account segment for Europe
Chubb is to establish a single Global and Large Account segment for Europe, headed up by Suresh Krishnan, who has been appointed to the newly created role of head of…
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CRE Insurance
Insurance Europe concerned by compulsory robotics insurance plans
Insurance Europe has told the European Parliament that it would not support a compulsory insurance scheme proposal for manufacturers of robots to cover damage and claims. In response to the…
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Global Risk Manager
New tax and compliance tool from Axco/Impendulo partnership
Axco Insurance Information Services has formed a new partnership with Impendulo, specialists in insurance premium tax (IPT) compliance, with the aim of providing tailored solutions rather than off the shelf…
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CRE Insurance
DAC Beachcroft acquires Clyde & Co injury team
Law firm DAC Beachcroft has acquired a team of complex injury specialists from Clyde & Co. The six partners and 21 legal professionals from two different teams will join DAC…
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CRE Insurance
Chubb appoints new European COO
Chubb has appointed Adrian Matthews as chief operating officer (COO) for continental Europe. Mr Matthews currently acts as executive vice-president for Chubb’s midwest, Canada and northeast regions in North America.…
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CRE Insurance
Cyber security standards offer false sense of protection – report
Cyber risk security controls that meet international standards like CSC20 might not be fit for purpose, according to a new study. Academics, led by Professor Sadie Creese at Oxford’s Department…
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Asia
Zurich restructures its APAC business
International insurer Zurich has announced a major overhaul of its Asia-Pacific business, merging its corporate and commercial units into a single division. The integration is designed to simplify its business…
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Asia
APAC remains weakest point in global supply chain amid rising risks
Asia-Pacific remained the biggest contributor to supply chain risk in 2016 because of the region's importance to global supply chains, according to latest analysis from Dun & Bradstreet, the US-based data…
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Asia
Landmark case in HK could push up price of D&O insurance
Risk managers and insurers are eyeing the progress of a landmark Hong Kong tribunal that could have massive implications for D&O insurance in the region. The case involves Chinese state-backed…
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CRE Insurance
Swiss Re Corporate Solutions 2016 profits eroded by pricing pressure
Swiss Re’s Corporate Solutions unit posted net income of $135m for the full year 2016, sharply down from $357m in 2015. Swiss Re said the 2016 result was hit by…
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Asia
Vietnam hosts APEC forum on disaster insurance
Experts from the Asia-Pacific Economic Cooperation (APEC) forum and a number of international financial institutions met in Vietnam this week, to debate the establishment of disaster risk financing and insurance…
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CRE Insurance
Former broker Carnegie-Brown named Lloyd’s chairman
Bruce Carnegie-Brown has been named as the new chairman of Lloyd’s and will take over the role from June of this year. Mr Carnegie-Brown will replace John Nelson, who is…
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CRE Insurance
AIG warns of mounting casualty loss trends as it reshapes book
AIG is dramatically reshaping its business mix after warning about market-wide issues with US casualty loss development and pricing. After posting an $849m loss for 2016 last week, AIG has…