Captive organisations are under pressure to keep up with current risks and increasing regulation, according to captive managers speaking to AM BestTV at the Bermuda Captive Conference. Attendees said that finding professionals able to work in different environments and manage the mounting layers of regulation was also a challenge. “I think there are a number of factors that combine to…
The British Virgin Islands (BVI) is preparing a legal challenge to an amendment to the Sanctions and Anti-Money Laundering Bill, recently passed by the House of Commons, which will force British Overseas Territories – including the Cayman Islands, the British Virgin Islands, Gibraltar and Bermuda – to publicly reveal the owners of companies based in the territories. International law firm…
Europe’s mutual and cooperative insurers have seen a resurgence in business in recent years, according to a study jointly published by the Association of Mutual Insurers and Insurance Co-operatives in Europe (AMICE), and the International Cooperative and Mutual Insurance Federation (ICMIF). The study covers the 28 member states of the EU, plus the four countries which are members of the…
The National Bank of Greece has received one binding offer from Shanghai-based investment company Gongbao for a majority stake in its insurance subsidiary, Ethniki General Insurance, according to Reuters. The bank had put its National Insurance business up for sale as part of an EU-approved restructuring plan to focus on core banking operations, said the news agency. In a statement,…
There was a modest increase in commercial insurance prices in the US in the first quarter of 2018, according to Willis Towers Watson’s commercial lines insurance pricing survey. The survey compared prices charged on policies written during the first quarter of 2018 with those charged for the same coverage during the equivalent quarter in 2017. Price changes were in excess…
According to a new AM Best report, an insurer’s decision to expand into new states can have impacts on both its operating performance and business profile. Operating performance can be affected by changes in earnings, underwriting performance and volatility, while AM Best also evaluates geographic concentration in its assessment of business profile. The Best special report, titled Geographic Expansion Offers…
MAXIS Global Benefits Network (MAXIS GBN) has launched a new analytical solution aimed at multinationals and their healthcare cost drivers across multiple jurisdictions. The solution, MAXIS Global Wellness Solution, includes educational health and wellness toolkits, a predictive modelling tool that demonstrates the impact of healthy lifestyle behaviours, and preferential access to a marketplace of selected health and wellness providers offering…
Andrew Coutts has been appointed as global practice leader for cargo at XL Catlin’s insurance operations. According to XL Catlin, he will be responsible for managing a global underwriting team and one of the largest cargo insurance portfolios in the London market. Mr Coutts joins XL Catlin from Brit Global Specialty, where he worked for nearly ten years as cargo…
It is often said that its employees are the most valuable asset a business has, and as a risk manager, protecting people should be your top priority. As a risk manager, you are broadly responsible for protecting the three ‘Ps’ of your business – its property, its people and its profitability. While these are clearly connected in many cases –…
The Insurance Regulatory and Development Authority of India has granted a licence to Markel International to write reinsurance business in India. Markel said that capacity will be provided by its Syndicate 3000 at Lloyd’s and written through the Lloyd’s India platform. Markel India will provide treaty and facultative reinsurance to local Indian insurers in a broad range of commercial classes,…