French buyers suggest insurance market is at turning point

French buyers suggest insurance market is at turning point

French buyers suggest insurance market is at turning point

French risk managers say the insurance market appears at a turning point but most are yet to feel any real effect of hardening rates and conditions. Speaking to CRE in Paris as part of our Risk Frontiers Europe survey, president of Amrae Brigitte Bouquot said: “We are at a turning point for the market. It has started in aviation and…

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL is reviewing its policies to tackle non-affirmative, also known as silent, cyber cover wherever possible, the insurer told Commercial Risk Europe. The company’s head of international cyber, James Tuplin, said AXA XL will then decide product by product whether and how cyber cover is included in its range of insurances. A growing number of insurers and insurance markets,…

Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in

Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in

Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in

Swiss Re Corporate Solutions (SRCS) is pulling back from several underperforming classes that will see its gross written premium reduce by around 20% as Swiss Re’s primary insurer attempts to turn around its troubled business. The firm reassured analysts and customers that it will build upon its recent investment to become a lead carrier in areas of focus, and deliver…

BGCI poaches two Marsh JLT Specialty aviation leaders

BGCI poaches two Marsh JLT Specialty aviation leaders

BGCI poaches two Marsh JLT Specialty aviation leaders

Mark Costin and Oyin Heath and have joined BGC Insurance’s (BGCI) global aviation and space (re)insurance startup from Marsh JLT Specialty. Both join as senior partners and will move across when their notice periods have been served. Mr Costin was CEO of Marsh JLT Speciality’s aviation and aerospace division, after joining Marsh from Willis Towers Watson in 2002. Ms Heath…

Boeing expects $500m insurance payout as it delivers worst-ever quarterly loss

Boeing expects $500m insurance payout as it delivers worst-ever quarterly loss

Boeing expects $500m insurance payout as it delivers worst-ever quarterly loss

Boeing expects to claim $500m from insurers following the grounding of its 737 Max fleet and said it could halt production of the jet as the company reported its largest-ever quarterly loss of $3.4bn. Boeing’s second-quarter loss compares to a profit of $2.7bn in the same period last year, and is on the back of $15.8bn in revenue. Last week,…

Aviation rate increases accelerate in Q2: Gallagher

Aviation rate increases accelerate in Q2: Gallagher

Aviation rate increases accelerate in Q2: Gallagher

Insurance rate increases across the aviation sector since the start of 2019 “accelerated” as the second quarter closed, according to Gallagher. In Plane Talking, a new publication launched to mark the acquisition of JLT’s aviation team, Gallagher says insurers are under pressure to return aviation books to the black, with the broker “seeing price firming across the entire aviation class”.…

Smaje quits Willis to join BGC’s new aviation practice

Smaje quits Willis to join BGC’s new aviation practice

Smaje quits Willis to join BGC’s new aviation practice

Philip Smaje has quit as Willis Tower Watson’s global head of broking, to become CEO of BGC Insurance’s aviation startup. Mr Smaje will join the new global aviation and aerospace division when his notice period with Willis ends. He will work alongside the practice’s president Marcel Chad. Mr Chad joined from JLT Aerospace where he was partner, having previously been…

El Al is first airline to access Marsh’s Japanese aircraft finance insurance

El Al is first airline to access Marsh’s Japanese aircraft finance insurance

El Al is first airline to access Marsh’s Japanese aircraft finance insurance

EL AL Israel Airlines Limited (EL AL) is the first airline to access Marsh’s Japanese Aircraft Finance Insurance Consortium (Japanese AFIC) to support the purchase of Boeing aircraft. The consortium was launched in June 2017 by Marsh to provide an alternative aircraft finance insurance product for banks and capital market investors that are funding Boeing aircraft. Available exclusively through Marsh,…

BGC Insurance takes on aviation brokers with new launch

BGC Insurance takes on aviation brokers with new launch

BGC Insurance takes on aviation brokers with new launch

BGC Insurance Group, part of global brokerage BGC Partners, has launched a specialist global aviation and aerospace insurance and reinsurance brokerage to take on the big three market players. Marcel Chad has joined from JLT Aerospace, where he was a partner, to head up the new business. BGC Insurance said its client-focused approach and use of advanced technology to keep…

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