Markel International to write primary insurance in Brazil

Markel International to write primary insurance in Brazil

Markel International to write primary insurance in Brazil

Markel International has been approved by the regulator to write primary insurance in Brazil. SUSEP, the Brazilian insurance regulator, has granted a licence to the insurer giving the company multiline clearance to write several classes of business throughout Brazil. Markel’s Latin American team has been writing reinsurance business in Brazil and elsewhere in Latin America since 2010. Markel said it…

IGI adds three specialty underwriters to London market team

IGI adds three specialty underwriters to London market team

IGI adds three specialty underwriters to London market team

International General Insurance Holdings (IGI) has strengthened its London team with the appointment of three underwriters. Simon Mepham has been appointed senior underwriter for D&O. Mr Mepham previously held positions at Jardine Lloyd Thompson Group, Newline Syndicate and most recently, WR Berkley Insurance (Europe), where he was managing a mixture of UK and international clients. Ben Cubitt joins IGI’s financial…

EIOPA and Bermuda regulator sign memorandum of understanding

EIOPA and Bermuda regulator sign memorandum of understanding

EIOPA and Bermuda regulator sign memorandum of understanding

The European Insurance and Occupational Pensions Authority (EIOPA) and the Bermuda Monetary Authority (BMA) have signed a memorandum of understanding (MoU). According to the two authorities, “EIOPA will support BMA’s participation in the activities of European supervisory colleges formed by the competent authorities of the European Union when a Bermudian insurance undertaking is concerned. Similarly, BMA is committed to supporting…

BIBA calls for Brexit clarity and an end to IPT increases

BIBA calls for Brexit clarity and an end to IPT increases

BIBA calls for Brexit clarity and an end to IPT increases

The British Insurance Brokers’ Association (BIBA) has urged the government to commit to making no further increases to Insurance Premium Tax (IPT), following three successive increases since October 2015. The call was made in BIBA’s 2017 Manifesto – Enabling the Insurance Market – in which BIBA points out that between October 2015 and June 2017, IPT will have doubled to…

XL Catlin adds EIL insurance product in Ireland

XL Catlin adds EIL insurance product in Ireland

XL Catlin adds EIL insurance product in Ireland

XL Catlin has launched an environmental insurance product in Ireland that is tailored to address the Environmental Protection Agency’s (EPA) Guidance on Financial Provision for Environmental Liabilities. A stipulation of the guidance, published in October 2015, is that general third-party liability policies will not be acceptable as financial provision and instead it introduces nine requirements for specialist environmental impairment liability…

Endurance Specialty launches cyber extortion advice team

Endurance Specialty launches cyber extortion advice team

Endurance Specialty launches cyber extortion advice team

A service that helps its insureds respond to ransomware and similar extortion events has been launched by Bermuda-based Endurance Specialty Holdings Ltd. The service, Breach Assist Counsel, comprises Mullen Coughlin LLC, a specialist in incident response legal services, and Kivu Consulting, a computer forensic company. The idea is that Mullen Coughlin’s and Kivu’s expert teams work with ransomware victims to…

S&P assesses industry and country risk of Turkish P&C sector

S&P assesses industry and country risk of Turkish P&C sector

S&P assesses industry and country risk of Turkish P&C sector

The industry and country risk for the Turkish property and casualty (P&C) insurance sector is moderate, according to an assessment by S&P Global Ratings, reflecting high country risk and moderate industry risk. The rating agency said it did not expect any upward movement during the period 2017/2018, because it expects to see further losses caused by reserve strengthening due to…

Chinese M&A activity to continue despite challenges, says Best

Chinese M&A activity to continue despite challenges, says Best

Chinese M&A activity to continue despite challenges, says Best

Merger and acquisition (M&A) activity among insurance companies in China will continue in 2017 but could be hampered by government policies and an uncertain economic outlook in China, according to AM Best. A Best special report – Chinese Mergers & Acquisitions Activity Continues Amid Evolving Regulatory and Policy Environment – notes that M&A activity among insurance companies in China has…

Fiscal Reps appoints new client director

Fiscal Reps appoints new client director

Fiscal Reps appoints new client director

FiscalReps has appointed Nazaret Gonzalez as client director in its insurers practice. She joined FiscalReps in 2011, after completing a Master’s Degree in Economics at Alicante University. Ms Gonzalez became a member of the Asociacion Profesional de Expertos Contables y Tributarios de España and is currently completing her ACA qualification. CEO of FiscalReps, Mike Stalley, said: “Core to FiscalReps’ success…

Luxembourg looking at cell legislation possibilities

Luxembourg looking at cell legislation possibilities

Luxembourg looking at cell legislation possibilities

Luxembourg is believed to be looking at the potential for cell captive legislation, according to the recent Captive Survey 2016 from International Programme News (‘A New Dawn for Captives’). Currently there is no cell captive legislation in the domicile, but given the interest in the concept and the success of cell captives elsewhere, Luxembourg may not be able to ignore…