Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance, the Irish subsidiary of Liberty Mutual, has pulled out of commercial liability, commercial property and development bonds lines of business. The company said it will cease quoting for new business in these lines with immediate effect. The Dublin-based insurer said it will “continue to provide services and honour its commitments to existing liability, property and bonds customers for…

First crypto-custody captive formed in Bermuda

First crypto-custody captive formed in Bermuda

First crypto-custody captive formed in Bermuda

A captive has been launched in Bermuda that is the first in the world to insure crypto-custody. The new captive has been launched by Gemini Trust Company, a cryptocurrency exchange and custodian based in New York. The company allows customers to buy, sell and store cryptocurrencies like bitcoin, bitcoin cash, ether, litecoin and Zcash. The captive, Nakamoto Ltd, has been…

Bermuda Monetary Authority appoints deputy CEO

Bermuda Monetary Authority appoints deputy CEO

Bermuda Monetary Authority appoints deputy CEO

The Bermuda Monetary Authority’s board of directors has appointed Craig Swan as deputy CEO. The Bermuda Monetary Authority said the deputy CEO position was created to fulfil the authority’s strategic objective of succession planning as it prepares for the departure of executive chairman Jeremy Cox in 2021. The Bermuda Monetary Authority explained that the deputy CEO position encompasses several responsibilities.…

Global commercial lines market premiums totalled $812bn in 2018

Global commercial lines market premiums totalled $812bn in 2018

Global commercial lines market premiums totalled $812bn in 2018

The global commercial non-life P&C insurance market reported gross written premiums of about $812bn in 2018, according to Finaccord. This includes insurance bought by corporate, business, public sector and not-for-profit customers, but excludes premiums paid to captive underwriters. Finaccord predicts that it will reach $978bn by 2022, equivalent to a nominal compound annual growth rate of 4.8%. By customer activity,…

Digital capabilities transforming global programmes

Digital capabilities transforming global programmes

Digital capabilities transforming global programmes

For some time, there has been a growing demand from risk managers and brokers for greater transparency of data when it comes to global programmes. They have also been looking for better-quality and cleaner data. That demand for transparency has largely been met by most carriers in the global insurance programme world, and data is now routinely shared. As a…

New heads of international specialty and non-US international casualty at ArgoGlobal

New heads of international specialty and non-US international casualty at ArgoGlobal

New heads of international specialty and non-US international casualty at ArgoGlobal

Lloyd’s insurer ArgoGlobal has announced two senior leadership appointments with immediate effect. Jeremy Shallow has been appointed as head of international specialty, reporting to John Moffatt, active underwriter of Syndicate 1200. Ross MacDonald has been appointed as head of non-US international casualty, reporting to Nigel Mortimer, head of international casualty. “ArgoGlobal is gearing up for a strong 2020 as we…

Vermont sees continued captive insurer growth

Vermont sees continued captive insurer growth

Vermont sees continued captive insurer growth

The State of Vermont licensed 22 new captive insurance companies in 2019, according to the Vermont Department of Economic Development. The state is now home to 585 captives, consisting of 559 active and 26 dormant captive insurance companies. The new captives comprise 14 pure captives, four sponsored captives, two risk retention groups, one special purpose financial insurer and one industrial…

Considerations of the risk manager on a D&O programme – Insurance premium tax

Considerations of the risk manager on a D&O programme – Insurance premium tax

Considerations of the risk manager on a D&O programme – Insurance premium tax

For risk managers, the line of insurance that guarantees the most attention and focus of the board is undoubtedly directors and officers (D&O) liability. In the current hardening market, terms and conditions are paramount, but when looking at the various ways in which a global insurance programme can be structured, it is important that the risk manager is fully aware…

US P&C sector to see continuation of rate increases into 2020, says S&P

US P&C sector to see continuation of rate increases into 2020, says S&P

US P&C sector to see continuation of rate increases into 2020, says S&P

Social inflation, rather than replenishment of capital, is driving the hardening pricing cycle in the US P&C insurance sector, according to Standard & Poor’s Global Ratings (S&P). It adds that capital for the sector keeps reaching record heights partly because of asset appreciation and dwindling share buyback activity. In a new report on the sector, S&P says: “Budding concerns about…