Most cyber attacks are multinational and show little regard for borders. As a result, cyber risk transfer is ideally suited to a multinational programme, explains Mark Camillo, head of cyber, AIG. The WannaCry ransomware attack was unprecedented in its scale when it spread around the world in 2017. It is estimated that around 200,000 computers were infected across 150 countries,…
Global insurance industry mergers and acquisitions (M&A) have increased by 13% in the first half of 2019, the highest level since 2015, according to Clyde & Co’s Insurance Growth Report mid-year update. The first half of 2019 saw 222 completed deals worldwide, up from 196 in the second half of 2018, the biggest increase in the volume of transactions since…
Chubb Limited has appointed Marcos Gunn as senior vice president, Chubb Group and regional president, Latin America. He will have overall responsibility for the general management and business results for all operations in the region, which includes Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Panama, Peru, Puerto Rico, Central America and the Caribbean. Mr Gunn is currently division president, northern Latin…
Chubb has launched an integrated solution for professional service firms in the US, to mitigate a range of unique exposures that can impact their businesses. Chubb said Pro ERMSM was developed in response to ever-evolving exposures requiring enterprise-wide solutions. The new offering combines miscellaneous professional liability, media liability, cyber liability and first-party cyber coverages, with extensive loss mitigation and incident…
US captive insurance companies rated by AM Best continued their positive underwriting results in 2018, with a net underwriting profit of $160m and a post-dividend combined ratio of 96.0% in 2018. The Best-rated captive composite reported a pre-tax profit of approximately $1.1bn (down 16% from the $1.3bn reported in 2017). Net premiums written increased in 2018 by 4.4%, reversing the…
Willis Towers Watson has appointed Peter Foster as chairman of global FINEX cyber and cyber risk solutions. Mr Foster has been with Willis Towers Watson for more than 14 years and the broker said he has been instrumental in building the company’s global cyber capabilities. According to a recent report from Willis Towers Watson and independent researcher ESI ThoughtLab, annual…
US insurance agency and broker merger and acquisition (M&A) activity is continuing on an upward trend, according to the latest update from Optis Partners, an investment banking and financial consulting firm in the US. The firm’s Agent & Broker Merger & Acquisition Update: June 2019 reveals that there were 328 transactions in the first half of 2019, up from 300…
Marsh has appointed a new head of its captive operation in Guernsey. Ian Drillot has joined Marsh as head of office, Marsh Captive Solutions, Guernsey. He was previously head of JLT’s Guernsey captive office, a position he held since 2014. He succeeds Stephen Hawkes, who is returning to the UK to take up a new role developing Marsh’s international captive…
Fitch Ratings has said the US workers compensation market is on track for a fifth consecutive year of underwriting profits in 2019. The agency noted that for several insurers, strength in the workers compensation segment offsets recent weaker results in other lines. The industry’s statutory combined ratio fell to 86% in 2018, and has averaged 93% annually since 2015. However,…
RSA has appointed Martin Rueegg as the new chief executive of the Middle East and UAE. He joins RSA from AXA, where he was general insurance managing director for Hong Kong. He previously served as CEO of AXA Corporate Solutions, Hong Kong. He will take up his new post in September. He replaces Lloyd East who has moved to Johnson,…