More upheaval at AGCS as Poncin departs

More upheaval at AGCS as Poncin departs

More upheaval at AGCS as Poncin departs

Allianz Global Corporate & Specialty’s (AGCS) global head of financial lines Bernard Poncin has left the insurer “to pursue opportunities outside the company”, as yet another senior executive departs. Mr Poncin is replaced by Shanil Williams, who was previously global head of commercial for financial lines. Mr Poncin’s departure follows a series of unexpected changes at AGCS that suggest not…

IRM rolls out supply chain qualification

IRM rolls out supply chain qualification

IRM rolls out supply chain qualification

The Institute of Risk Management (IRM) has added a supply chain risk management certificate to its qualification portfolio. The professional body said the new certificate will equip risk professionals with expertise in how to manage supply chains, identify and mitigate risks. Students will look at global outsourcing and digital disruption, and how risk management tools and techniques can be applied…

Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer Underwriters will close its Lloyd’s syndicate 1980 for the 2020 year of account, because the cost of capital is “no longer economically efficient”. The managing general agent (MGA) said Lloyd’s had approved its 2020 business plan that included a small increase in capacity, but since then it had concluded that the costs were simply too high. The syndicate closes…

AXA XL launches first-of-its-kind risk innovation incubator

AXA XL launches first-of-its-kind risk innovation incubator

AXA XL launches first-of-its-kind risk innovation incubator

AXA XL Insurance has launched a first-of-its-kind risk incubator to give much-needed structure and process to innovation in the risk and insurance space. The so-called ‘Cube’ aims to deliver a bespoke risk management, technology or insurance solution for a client within six weeks. “This is a unique proposition in the insurance market that addresses an underserved need and will help…

Tokio Marine Kiln appoints CUO

Tokio Marine Kiln appoints CUO

Tokio Marine Kiln appoints CUO

Tokio Marine Kiln (TMK) has named Matthew Shaw as chief underwriting officer. Mr Shaw will join TMK from Chubb, where he was divisional president of global markets, in the first half of next year. TMK’s deputy CEO Brad Irick said Mr Shaw “brings a wealth of experience in the specialist markets in which we operate within Lloyd’s and the broader…

AGCS confirms Fischer Hirs to be replaced by Müller with renewed focus on profitability

AGCS confirms Fischer Hirs to be replaced by Müller with renewed focus on profitability

AGCS confirms Fischer Hirs to be replaced by Müller with renewed focus on profitability

Allianz Global Corporate & Specialty (AGCS) and Allianz have confirmed that Joachim Müller will become CEO of the group’s industrial lines insurer after Chris Fischer Hirs steps down on 30 November. Mr Müller is currently CEO of Allianz Versicherungs, the P&C insurer of Allianz Deutschland, and Allianz Beratungs-und Vertriebs (ABV), the sales company of Allianz Deutschland. Andreas Kanning, currently a board…

Terror threat sees spike in right-wing attacks

Terror threat sees spike in right-wing attacks

Terror threat sees spike in right-wing attacks

More than a third of terrorist attacks (36%) in advanced markets were perpetrated by right-wing terrorists last year and have driven up casualty rates, according to data analysed by Pool Re in its latest threat report. The UK government-backed reinsurer says the “more active and lethal” right-wing movement has complicated the terrorist landscape. Such attacks are more likely to cause…

Equipment failure presents major risk for top global firms, finds FM Global

Equipment failure presents major risk for top global firms, finds FM Global

Equipment failure presents major risk for top global firms, finds FM Global

Some 94% of the largest global companies said equipment failure is a major risk, while 84% said a cyberattack on industrial control systems is a major risk concern, according to a survey by FM Global of 200 Fortune 500-sized corporates. The survey found that 43% of respondents believe equipment failure risks have increased during the past five years, with 29%…

Lloyd’s Lab develops first innovative liability solution

Lloyd’s Lab develops first innovative liability solution

Lloyd’s Lab develops first innovative liability solution

Risk analytics firm Praedicat has unveiled the first casualty insurance product to be developed in London’s innovation hub, Lloyd’s Lab. Developed for global industrial firms, the liability cover will close current gaps in coverage for products and chemicals that are typically excluded or underinsured. The solution will cover new technologies such as 5G and nanotechnology, as well as chemicals in…

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face the “biggest upward price shift” for years during 2020, with increases across more lines than in “recent memory”, according to Willis Towers Watson (WTW). Property, excess liability and D&O cover will be hardest hit, according to the broker. It notes that several other lines of business are looking at increases “topping out at well…

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