Laura Coppola has been appointed as head casualty and finpro North America by Swiss Re Corporate Solutions (SRCS). She will be responsible for SRCS’s financial and professional liability business in the US and Canada. The appointment takes place with immediate effect and she will be based in New York City. Ivan Gonzalez, CEO North America, SRCS, said: “We are very…
Insurance premium tax (IPT) in the UK is the “mother of all stealth taxes”, according to the Association of British Insurers (ABI), which is urging the UK government to cut the IPT rate. The ABI wants the government to reduce the rate of IPT in its forthcoming budget on 11 March, “and ease the squeeze on families and businesses who…
Latin America’s insurance environment is expected to improve as the region’s economies start to grow again in 2020, according to AM Best. The ratings agency said that countries in Latin America are coming off of two years of low growth and headwinds, and gross domestic product growth in 2020 is forecast to be 1.8% in 2020, following 0.2% in the…
Bermuda has introduced its latest company structure, the incorporated segregated accounts company, which the domicile said offers greater flexibilities and efficiencies. Bermuda’s Incorporated Segregated Accounts Companies Act 2019 (ISAC Act) – a standalone piece of legislation and a companion statute to the Segregated Accounts Companies Act 2000 – came into effect on 15 January 2020. According to the Bermuda Business…
A flexible suite of directors and officers (D&O) liability insurance that includes a new Side A difference in conditions (DIC) policy has been launched by Beazley. The suite provides multiple options from a single policy to cover the organisation and its directors, through to policies addressing the specific needs of individuals. The policies are available to non-US-domiciled organisations and offer…
UK non-life insurers have faced difficult market conditions in 2019, including strong competition and claims inflation, as well as political and economic uncertainty, according to AM Best, but most are well prepared for Brexit. The ratings agency pointed to changes in the discount rate used to calculate lump-sum personal injury compensation, claims inflation due to higher repair costs and challenging…
A new specialty property and casualty broker has been launched in the US. The new firm, Protecdiv, will target Fortune 2000 clients, with an initial focus on auto manufacturers and suppliers, and financial institutions. The broker will be based in Philadelphia. Protecdiv said it is the first tier-one minority-led insurance and reinsurance broker in the US. The broker described itself…
Moody’s Investor Service has concluded that the January reinsurance renewals have confirmed its expectation that prices will firm in 2020. However, it is not all bad news. Moody’s made it clear that the rises are particularly focused on loss-affected lines, suggesting the firming may not be as across the board as it at first appears. And it is also focused…
Scott Toland has joined Zurich Insurance Group as head of US casualty international programmes underwriting within its commercial insurance business. Zurich said he will be responsible for “driving underwriting leadership and leading operational transformation in the US casualty international programme”. Mr Toland joins Zurich from AIG, where he held various leadership positions. Most recently, he served as senior vice-president, leading…
The Vietnamese insurance industry saw premiums increase by nearly 21% in 2019 to VND160.18trn, according to the Ministry of Finance’s Insurance Supervisory Authority (ISA), reported by Việt Nam News. Non-life insurance premiums accounted for VND52.39trn and life insurance premiums for VND107.79trn. Total assets of insurance firms in Vietnam grew by 15.3% in 2019 to VND454.38trn. Việt Nam News reported that…