Risk managers believe the hardening market is a time for captives to really show their value, according to Commercial Risk Europe’s Captives Report 2020 – Captives: Next Generation. “When the market is hardening, this is a signal that risk managers can use to better sell the use of captives in their setup,” said Francoise Carli, Zakubo Consulting, and former vice-president,…
Moody’s Investors Service has said the three leading trade credit insurers will remain resilient in 2020, despite a coronavirus-related drop in revenue and rise in claims. The ratings agency said that Atradius, Coface and Euler Hermes have been helped by wide economic stimulus from governments as well as direct support, but will face higher claims in the months ahead as…
The current US insurance marketplace is driven by the need for underwriters to make a profit from underwriting as opposed to relying on investment income, according to Gallagher. In a new study, Fall 2020 US Market Conditions Report, Gallagher states: “Carriers remain intensely focused on underwriting discipline, ensuring they secure the right terms and pricing on certain lines of coverage…
Swiss Re Corporate Solutions is set to provide access to its International Programme Administration (IPA) platform and network services to German insurer Württembergische Versicherung. Swiss Re Corporate Solutions has signed a memorandum of understanding with Württembergische Versicherung to configure its IPA platform for its first insurer in Germany. Swiss Re Corporate Solutions said the collaboration enables Württembergische Versicherung to pursue…
Liberty Specialty Markets has promoted Ronald Bolaños to president, US and Latin America. He replaces Alex Montoya, who is now chief operating officer for Liberty’s global risk solutions North America division. Mr Bolaños was previously chief underwriting officer for Liberty Specialty Markets Latin America. He is based in Miami, Florida and takes up the role with immediate effect. Liberty Specialty…
Rapidly increasing premiums, notably in professional indemnity (PI) cover were a driving factor behind one of the world’s largest independent financial advisory and fintech organisations, deVere Group, establishing a captive in Guernsey. The group has had its application for a captive approved by the Guernsey Financial Services Commission. The group said it is the first time it has applied for…
A new entirely digitalised energy managing general underwriter (MGU) has been launched, offering property insurance for global energy risks. The new MGU, Career General Agency (CGA), has been launched by US-based GuideOne National and will accept risks exclusively via the Whitespace platform through a wholly digitalised underwriting process. The Whitespace platform is a fully digital e-trading platform for brokers and…
The Mexican insurance sector will remain pressured through 2020 by macroeconomic factors and the risks inherent to the industry, such as increased claims because of the coronavirus pandemic, according to Fitch Ratings. But it believes the Mexican insurance sector has demonstrated resilient financial performance and capitalisation and leverage adequacy, despite a reduction in premiums. Fitch said the expected contraction in…
There has been a lot of talking up of captives during the last few years, with momentum growing in the last year or two, and a feeling that a new dawn was approaching for the sector. According to Commercial Risk Europe’s Captives Report 2020 – Captives: Next Generation, that time is now here. The traditional insurance market has properly hardened…
Insurers have an important role to play in sustainability, not only in terms of their own businesses and employees, but also in supporting their customers as they transition to a more sustainable future. Insurers are looking at how they are exposed to transition risk, but it is also important to talk about transition opportunities, where insurers help support their customers…