Exemption from NY cyber rules for some captives and risk retention groups

Exemption from NY cyber rules for some captives and risk retention groups

Exemption from NY cyber rules for some captives and risk retention groups

The New York Department of Financial Services has exempted non-domiciliary, or foreign, risk retention groups (RRGs) from compliance in a recent draft of its cyber regulation. Nevertheless, according to a new AM Best briefing, these insurers still need to remain vigilant in their efforts to safeguard against cyber attacks. The AM Best briefing, titled: Certain captive and RRG exemptions may…

Markel estimates Ogden rate change impact at $85m

Markel estimates Ogden rate change impact at $85m

Markel estimates Ogden rate change impact at $85m

Markel Corporation has said it expects to increase prior years’ loss reserves for its run-off book of UK motor exposures during the first quarter of 2017, as a result of the recently announced decrease in the discount rate, known as the Ogden rate. Based upon information currently available, the company has estimated that the reserve increase will be $85m on…

Liberty International Underwriters adds GFR risk products in the US

Liberty International Underwriters adds GFR risk products in the US

Liberty International Underwriters adds GFR risk products in the US

Liberty International Underwriters (LIU), part of Liberty Mutual Insurance, has added global financial risk (GFR) coverage to its US product offering. Alexandre Egnell has been appointed as senior vice-president, with responsibility for the development and strategy of a GFR product line. He will be based in New York and report to Michael Finnegan, chief underwriting officer for LIU US. GFR…

Cyber risks and the supply chain

Cyber risks and the supply chain

Cyber risks and the supply chain

Supply chain risk is a growing problem for companies, but one area that can sometimes be overlooked is the issue of supply chain cyber risk. Multinationals are increasingly reliant on third-party service providers and if any of these suffer disruption or a cyber attack, it could have significant financial repercussions, or result in a loss of customers. But where a…

Starr launches drone coverage for building industry

Starr launches drone coverage for building industry

Starr launches drone coverage for building industry

Starr Companies has launched primary and excess liability coverage for drones in the US construction industry. As a joint initiative between Starr’s aviation and excess construction divisions, the product is aimed at general contractors, subcontractors and project owners who use drones within the scope of their business. Primary coverage is provided by the aviation division, with the excess construction division…

PwC survey: Insurance CEOs optimistic over growth but concerned by regulation

PwC survey: Insurance CEOs optimistic over growth but concerned by regulation

PwC survey: Insurance CEOs optimistic over growth but concerned by regulation

Insurance CEOs are optimistic about their own companies’ prospects, although the cost and disruption of regulation continues to be industry leaders’ paramount concern, according to PwC’s 20th CEO Survey. The survey found that insurance CEOs’ optimism about their growth prospects remains strong, despite soft premium rates, low interest rates and subdued economic growth in many developed markets, although they are…

Markel International starts surety business in the UK

Markel International starts surety business in the UK

Markel International starts surety business in the UK

Markel International has launched a surety offering, appointing Damian Manning to head up its new team, with David Chandler as senior underwriter. The business will initially focus on the UK, Ireland and continental Europe, with the intention to expand to other regions outside North America. Mr Manning has more than 19 years’ experience in the credit and surety business, and…

EIOPA report highlights greater supervisory cooperation

EIOPA report highlights greater supervisory cooperation

EIOPA report highlights greater supervisory cooperation

The European Insurance and Occupational Pensions Authority (EIOPA) has said it will be looking for greater supervisory cooperation in information exchange and risk analysis. In its 2016 year-end report on the functioning of Colleges of Supervisors and priorities for 2017, EIOPA said the work of the Colleges of Supervisors is crucial for the conduct of high quality group supervision and…

New president for Captive Insurance Companies Association

New president for Captive Insurance Companies Association

New president for Captive Insurance Companies Association

Dan Towle has been appointed the new president of the Captive Insurance Companies Association (CICA). He is currently director of financial services with the Vermont Agency of Commerce & Community Development. He will officially join CICA on 24 April, and will succeed Dennis Harwick, who plans to retire at the end of June. Mr Harwick became CICA’s first full-time president…

AXA launches global parametric insurance unit

AXA launches global parametric insurance unit

AXA launches global parametric insurance unit

AXA has launched a unit dedicated to parametric insurance products, called AXA Global Parametrics. Parametric insurance is so called because it does not indemnify the pure loss, but makes a payment upon the occurrence of a triggering event. The triggering event can be wind speed or temperature, for example, which could precipitate a loss or a series of losses. A…

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