RSA said it “has never been in better shape” after reporting a combined ratio of 86% in Q1 2021, which is the last reporting period before the insurer is broken up and sold to Intact Financial and Tryg. The £7.2bn deal has now received regulatory approval and is on track to complete at the end of May, RSA said. Tryg…
The cyber insurance market may move toward securitisation of cyber risk but it will take several years to develop, insurance executives have said. “I think we’ll be able to isolate some tail events that we’ll be able to securitise for some of our larger clients,” said Andy Marcell, CEO of Aon Reinsurance Solutions. That will happen because it is not…
AIG’s general insurance business has moved from “remediation to profitable growth”, said group CEO Peter Zaffino as he announced improved profit, underwriting results and combined ratio in the first quarter, with international commercial lines performing particularly well. General insurance’s adjusted pre-tax income was up 69% in the first quarter to $845m, due to a better underwriting results and higher net…
Financial services firms’ exposure to phishing attacks on mobile devices doubled last year, according to a new report from security firm Lookout. Exposure to phishing attacks rose by 125% and Lookout says there was a significant surge in exposure to malware and app risk to both employees and customers, which increased 400%. The study also found almost 50% of phishing…
Zurich Insurance has promoted Hayley Robinson to group chief underwriting officer. Ms Robinson, who will be based in Zurich, takes up the role from her current position as chief underwriting officer in the UK. She takes over from Sierra Signorelli, who was appointed CEO for commercial insurance in March to replace James Shea. Ms Robinson will take up her new role…
Liberty Mutual reported net income of $856m in the first quarter, up 64.7% from the same period last year, as strong investment results offset higher catastrophe losses. As first reported in Business Insurance, the insurer’s net written premium grew 3.6% to $10.4bn, with the increase coming mainly from its Global Retail Markets business, which improved its net premium by 5.2%…
Risk management experts have called on the insurance industry to join a collaborative effort to deliver fit-for-purpose business interruption (BI) solutions and help companies build resilience to future events. Speaking during Commercial Risk’s recent virtual claims conference, Francoise Carli, president and co-founder of risk management consultancy Zakubo Consulting, said Covid-19 has laid bare that many BI polices, including some non-damage…
Financial services firms and their directors are juggling a large number of major new and emerging risks that are coming from the financial fallout from Covid-19, as well as non-financial risks such as cyber, compliance and a new focus on environmental, social and governance (ESG) issues, according to Allianz Global Corporate & Specialty (AGCS). In a new report on the…
Ferma has welcomed Eiopa’s consultation on opening up the insurance market to ensure greater sharing of insurance data, but is disappointed there is no reference to corporate buyers in the regulator’s position paper on the subject and has urged further investigation into removing regulatory barriers to sharing claims information. Ferma has submitted its response to Eiopa’s position paper, Open insurance:…
Aon has formed an EMEA Transactions Solutions Advisory Board as it looks to expand its M&A practice across the region. The board will support Aon’s growth plans as it looks to expand solutions for intellectual property (IP), cybersecurity and digital performance, retirement, benefits, talent and compensation, structured credit, tax and litigation risks, and ESG-related issues. The advisory board will provide…