The European Parliament has approved rules that strengthen EU financial supervision by increasing the responsibilities of the EU watchdogs for banking, for securities and financial markets, and for insurance and pensions, and improving their governance structure. The new law consists of an upgrade of the EU financial supervisory authorities established in 2010. According to the European Parliament: “European consumers, investors…
A blockchain solution for the employee benefits industry that aims to transform the reinsurance process for captive services has been launched by Accenture and Generali Employee Benefits (GEB). The companies called it a “first-of-its-kind blockchain solution” that allows participants in the reinsurance process for captive or pooling services to access the same data and reduce processing errors, through smart contracts…
The deputy governor of China’s central bank has said the country will further expand the opening-up of its financial sector “in a systemic manner at the institutional level”, according to the Xinhua News Agency. The deputy governor of the People’s Bank of China, Chen Yulu,, was speaking at a meeting of the International Monetary and Financial Committee, the policy-setting body…
Howden Forsikringsmegling (Howden Norway), part of Howden Broking Group, has acquired a majority share ownership in Norwegian Insurance Partner AS, an employee benefits broker, located in Bergen, Norway. According to Howden, the combined company will become a top-five broker in the country and the market leader in employee benefits. Geir Nygaard, founder and CEO, Norwegian Insurance Partner, will continue to…
Liberty Mutual Insurance is to acquire the global surety and credit reinsurance operations of AmTrust Financial Services. Liberty Mutual has signed a definitive agreement with AmTrust, a multinational property and casualty insurer specialising in coverage for small to mid-sized businesses. It added that the agreement supports its goal of becoming a top three global commercial (re)insurer. Terms of the deal were not disclosed. Liberty Mutual will acquire four AmTrust businesses:…
The Insurance Regulatory and Development Authority of India (IRDAI) has announced that the obligatory cession to the General Insurance Corporation of India (GIC Re) will remain at 5% for the financial year 2019-2020. In a notification, the IRDAI says: “The percentage cession of the sum insured on each general insurance policy to be reinsured with the Indian reinsurer(s) shall be…
AM Best has maintained a stable market segment outlook on both the Italian and Spanish non-life insurance segments. In the case of the Italian market, Best said its outlook was supported by the continued expansion of the segment despite very low economic growth, together with the expectation that good operating results will be maintained, underpinned by sustained strong underwriting profitability.…
Berkshire Hathaway Specialty Insurance Company (BHSI) has begun offering transactional liability insurance through its Asia and Middle East regions. It has appointed Steven Harwood as head of transactional liability in Asia and the Middle East. He is based in BHSI’s office in Hong Kong. “Properly navigating the risks of corporate transactions is critical to growing companies and industry leaders alike,”…
North Carolina’s captive sector has continued to grow, with the domicile now home to 688 risk-bearing captive insurance entities that are regulated by North Carolina Department of Insurance (NCDOI), including 244 active captive insurers and 444 active cells or series. North Carolina insurance commissioner Mike Causey said North Carolina continues to experience growth in its captive insurance industry, and with…
The catastrophe loss experience of the last two years is a wake-up call for the insurance industry, according to Swiss Re, noting that the combined insured natural catastrophe losses for 2017-2018 of $219bn is the highest ever over a two-year period. Swiss Re pointed out that more than 60% of the losses resulted from so-called “secondary” perils, which are small…
