US-based Integro Insurance Brokers has said it will merge Lloyd’s broker Tysers and its existing operations in the UK wholesale and retail markets, after agreeing to buy 100% of Tysers’ parent company, Hawkes Bay Holdings. With rumours that Tysers was looking for a buyer dating back to last year, Integro said it is its largest acquisition and underlines its ambitions…
More than half of Italian risk managers say that risk management is now viewed as a fundamental part of strategic planning within their organisations and about two thirds say insurance is viewed as an essential management tool or helpful cashflow tool when losses occur. These are clearly positive signs for the profession in Italy and across Europe. However, almost 30%…
Larger loss exposure to high-value ships has created significant volatility for global marine insurers, according to the International Union of Marine Insurance (IUMI). In an update on the marine market at its spring conference in Hamburg, IUMI predicted that record claims for a single hull loss may be on the cards. Mark Edmondson, chair of IUMI’s Ocean Hull Committee, said:…
London’s High Court could decide by Thursday whether to grant legal action against VW that could lead to compensation for tens of thousands of UK car owners duped by the car manufacturer’s emissions fixing. Law firm Slater and Gordon, which represents 40,000 owners of Volkswagen, Audi, Seat and Skoda cars seeking compensation, said the action could be the largest consumer…
Switzerland’s top financial regulator has said cyberattacks are the most serious threat to its financial system, warning that Switzerland risks falling behind other financial centres in coordinating its response to the growing cyber threat. Addressing a news conference in Bern, CEO of the Financial Market Supervisory Authority (FINMA) Mark Branson said: “Cyberattacks are now the most serious operational hazard facing…
Professional indemnity insurance (PII) limits for UK solicitors could be slashed from a minimum of £2m per claim to £500,000, as proposed in a consultation paper by the Solicitors Regulation Authority (SRA). Single-claim limits for conveyancing – the main source of claims against solicitors – will be set at the higher limit of £1m. Based on analysis of claims during…
Lloyd’s insurer Aegis London has squeezed a small but significant profit out of 2017, in a year that saw catastrophes wipe out profits for most of its competitors in the London and international markets. Aegis London recorded a combined ratio of 99% last year, and although that was up from 91% in 2016, Aegis London said remaining in profit sets…
Risk managers are the front-line defence to ensure that the benefits of artificial intelligence (AI) to businesses are not wiped out by the risks, according to a new report from Allianz. With AI now accepted to become more embedded in business processes and practices, and in society – and already underway with driverless cars and chatbots – the potential benefits…
The EU has stepped up its effort to ensure all companies pay fair tax, with the proposal for news rules designed to ensure that digital business activities are taxed in a fair and growth-friendly way in Europe. Digital companies currently have an average effective tax rate half that of the traditional economy in the EU. The OECD also announced that more…
The GVNW, Germany’s risk and insurance management association, is forging ahead with plans to meet leading international insurers and seek assurance that its members active in the US will not be forced to bear higher coverage costs and restricted capacity for their US risks, as a result of the Base Erosion and Anti-Abuse Tax (BEAT) rules introduced at the start…