Airmic has welcomed the “landmark” UK Supreme Court business interruption (BI) ruling as “positive news” for insurance buyers struggling with the hard market and Covid-19. The Supreme Court has rejected appeals from six insurers and substantially upheld the Financial Conduct Authority (FCA) appeals in a test case intended to clarify BI cover for Covid-19-related losses in the UK. The judgment…
Marsh & McLennan (MMC) has pledged to become carbon neutral this year by reducing greenhouse gas emissions from its operations and using offsetting tools. MMC – the parent company of Marsh, Guy Carpenter, Mercer and Oliver Wyman – has also set a target of a 15% reduction in carbon emissions by 2025, measured against 2019 levels. MMC said it would…
Companies that disclose sustainability reports using Global Reporting Initiative (GRI) standards will need to apply three new and updated standards from this year. GRI said that, effective 1 January 2021, reporting companies must apply the global standard for tax transparency plus those that cover employee wellbeing and water/effluent responsibilities. The independent body said its all of its standards aim to…
Convex Group, which was set up by insurance industry veteran Stephen Catlin, has secured $500m of capital from investment firm Sixth Street, which lifts the specialty (re)insurer’s total to $3.2bn. The $500m of preferred equity capital from affiliates of Sixth Street follows a recent $1bn capital raise from a consortium led by Onex and GIC, in which Sixth Street also…
The world will be more unstable, less cooperative and more prone to crises this year, with the risk of interstate conflicts higher than it has been for decades, warns Risk Advisory’s Strategic Outlook 2021. The risks consultancy’s report says that the global security and geopolitical outlook is broadly worsening this year in North America, west and central Africa, south Asia…
Law firm Clyde & Co is expanding further in Europe by opening a new office in Munich next month, which adds to its existing German offices in Düsseldorf and Hamburg. Three partners from Norton Rose Fulbright and their teams have joined to head up the new business for Clyde. Eva-Maria Barbosa, Dr Andreas Börner and Dr Sven Förster will join…
Allianz has set interim targets to reduce greenhouse gas emissions in its investment portfolio, to help achieve its ultimate goal of climate neutrality by 2050. The insurer said it wants emissions from equities and corporate bonds held in its customer funds portfolio to fall 25% by 2025, from 2019 levels. The insurer said all equities and corporate bonds will be…
Attacks against commercial ships in the Red Sea are driving drive higher prices for insurance cover, according to a Reuters report. In particular, breach rates have increased to cover the risk of vessels entering the Red Sea, which is considered a high-risk area. Speaking to Reuters, Gallagher’s Mike Ingham said the broker’s clients are seeing higher rates for commercial vessels…
Lloyd’s has received regulatory approval to create a multi-insurance special purpose vehicle (MISPV), called London Bridge Risk PCC Limited, to raise new and alternative capital as part of its modernisation plans. Lloyd’s said approval from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) is a “key milestone” in its Future at Lloyd’s strategy, which partly aims to…
Demand for parametric insurance products is rising in the hard market, and as companies place more value on cashflow, according to Aon. Interest in solutions for ‘black swan’ events and intangible risks may also drive future demand in parametric products, Paul Ramiz, director of Aon’s innovations and solutions team, told Commercial Risk Europe. Risk managers have significantly increased their interest…