AGCS appoints CUO for speciality business

AGCS appoints CUO for speciality business

AGCS appoints CUO for speciality business

Allianz Global Corporate & Specialty (AGCS) has appointed Henning Haagen as chief underwriting officer of specialty. Mr Haagen, who is currently regional head of specialty and northeast zone executive for AGCS North America, will take on the role from March 2020. AGCS said it will announce his replacement at a later date. Mr Haagen will relocate from New York to…

Aviation losses line up further insurance price hikes in 2020, warns Gallagher

Aviation losses line up further insurance price hikes in 2020, warns Gallagher

Aviation losses line up further insurance price hikes in 2020, warns Gallagher

Large losses anticipated for 2019 will drive further rate hardening for aviation insurance buyers in 2020, according to analysis from broker Gallagher. In a market overview, Peter Elson, CEO of aerospace at Gallagher, said 2019 could be one of the most expensive years on record for aviation insurers once figures are finalised. He said all segments were affected and the…

BGC’s Asian offering boosted by key aviation hire at newly named Piiq Risk Partners

BGC’s Asian offering boosted by key aviation hire at newly named Piiq Risk Partners

BGC’s Asian offering boosted by key aviation hire at newly named Piiq Risk Partners

Piiq Risk Partners, a global aerospace (re)insurance brokerage that is part of US-based BGC Insurance Group and was only was renamed last week, has announced the appointment of Ian George as senior partner in a move that will boost the specialist broker’s presence in Asia. Mr George currently works at Willis Towers Watson where he most recently held the role…

Gallagher adds to Asian capabilities with stake in leading Malaysian broker

Gallagher adds to Asian capabilities with stake in leading Malaysian broker

Gallagher adds to Asian capabilities with stake in leading Malaysian broker

AJ Gallagher, the global insurance broker, risk management services and consulting firm, has added to its global programme capabilities through the acquisition of a minority stake in specialist Malaysian broker SP&G Insurance Brokers for an undisclosed price. The US-based broking firm now has six operations in the Asia-Pacific region. The Malaysian investment adds to existing operations in Singapore, Australia and…

Airports face up to climate change risk

Airports face up to climate change risk

Airports face up to climate change risk

Climate change is now one of the top risks faced by airports, according to a poll held at the Willis Towers Watson Airport Risk Community (ARC) annual conference. It found that 86% of the audience believe airports are exposed to climate risk, while 48% said flooding is the main weather risk. The failure of critical IT systems came top of…

Indian crash landing on moon sparks hunt for space cover for domestic launches

Indian crash landing on moon sparks hunt for space cover for domestic launches

Indian crash landing on moon sparks hunt for space cover for domestic launches

The Indian Space Research Organisation (ISRO) is on the hunt for insurance cover for the first time for a domestically launched space satellite, according to The Times of India. The ISRO has been launching satellites into space since 1975 but, until now, has not deemed it necessary to buy insurance cover. The newspaper said there has been a change of…

AGCS aviation report warns of new risks in ‘safer skies’

AGCS aviation report warns of new risks in ‘safer skies’

AGCS aviation report warns of new risks in ‘safer skies’

Costly repairs and bird strikes are among growing trends in aviation claims, according to in-depth analysis of more than 50,000 aviation losses during the past five years by Allianz Global Corporate & Specialty (AGCS), which has warned against complacency despite fewer fatal accidents in recent years. In a new report entitled Aviation Risk 2020: Safety And The State Of The…

Majority of Swiss Re Corporate Solutions’ cutbacks to take place next year, says CFO

Majority of Swiss Re Corporate Solutions’ cutbacks to take place next year, says CFO

Majority of Swiss Re Corporate Solutions’ cutbacks to take place next year, says CFO

Swiss Re Corporate Solutions (SRCS) will make the majority of its cutbacks in badly performing business during 2020, with gross written premiums likely to increase a touch this year, according to the firm’s CFO John Dacey. At the end of July, SRCS announced it is pulling back from several underperforming classes that will see gross written premium reduce by about…

MS Amlin bows out of aviation market

MS Amlin bows out of aviation market

MS Amlin bows out of aviation market

MS Amlin has ceased underwriting new and renewal aviation business – excluding war risks, which continue to be accepted by its war unit. The company announced at the end of last month that aviation, along with eight other classes of business, will “no longer form part of its future strategic direction”. Aviation is the first of the nine classes earmarked…

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

Airline compensation laws in the European Union are “crippling” the aviation sector, with passenger damages for flight cancellations and delays of more than three hours rising 300% since 2016, according to Gallagher, which is lobbying for changes to the rules. Gallagher said EU regulation 261, first introduced in 2004, is costing airlines two or three times revenues made on flights…

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