China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Reinsurance is set to spend close to a billion dollars acquiring specialty insurer Chaucer from Hanover Insurance. The deal, which is still subject to shareholder and regulatory approval, is expected to close by early 2019. China Re will acquire Chaucer Insurance, Hannover Australia and Hannover Insurance International Holdings in return for $865m in cash and an $85m dividend to…

JLT report sees 2018 as pivotal year for aviation insurance market

JLT report sees 2018 as pivotal year for aviation insurance market

JLT report sees 2018 as pivotal year for aviation insurance market

The aviation insurance market has seen premium rates flat or increasing a little, with underwriters determined to keep rates from falling again, according to the latest Aviation Insurance Market Summary from JLT. It states that 2018 could prove to be a pivotal year for many companies and syndicates. The broker says the majority of second-quarter programmes concluded with premiums flat…

Insurers lobby for European-wide drone legislation to better deliver for clients

Insurers lobby for European-wide drone legislation to better deliver for clients

Insurers lobby for European-wide drone legislation to better deliver for clients

The EU should close gaps between member states’ drone regulations that currently restrict insurers’ ability to deliver risk-transfer solutions, said the industry’s federation Insurance Europe. In response to the EC’s consultation on technical standards for drones, Insurance Europe calls for a common framework to license, certificate, authorise and classify drone use at EU level. The European federation said insurers’ interest…

Aviation sector looks to address cyber risks

Aviation sector looks to address cyber risks

Aviation sector looks to address cyber risks

London market insurers have published a model exclusion, in a bid to clarify cyber cover for aviation policies. At the same time, brokers have launched separate cyber insurance policies to address emerging gaps in cyber cover for airlines and the general aviation sector. In recent weeks, JLT and Willis have launched cyber insurance policies for the aviation sector that seek…

Commercial aviation safety at all-time high

Commercial aviation safety at all-time high

Commercial aviation safety at all-time high

A record low number of accidents and fatalities made 2017 the safest ever year for commercial aviation, according to the Aviation Safety Network (ASN). A separate report by aviation consultants To70 also had last year as a good year for airline safety, but warned against complacency and stressed the figures were partly down to “good fortune”. In total, ten airline…

Marsh promotes Costin and Heath to UK aviation roles

Marsh promotes Costin and Heath to UK aviation roles

Marsh promotes Costin and Heath to UK aviation roles

Marsh has appointed Mark Costin as head of its UK aviation practice. Mr Costin was previously leader of Marsh’s UK aerospace team and will be placed by Oyin Heath. Marsh said Mr Costin will continue to be based in London. In his new role, he will be responsible for developing risk and insurance services and solutions for UK and international…

UK proposes new drone legislation to boost regulation and reduce risks

UK proposes new drone legislation to boost regulation and reduce risks

UK proposes new drone legislation to boost regulation and reduce risks

The UK government will put forward new drone legislation next spring that will require owners to register drones that weigh more than 250g and take a safety awareness test, among other measures. The Lloyd’s Market Association (LMA) Aviation Committee, which represents aviation insurers, welcomed the news after lobbying for drone legislation in response to a Department for Transport consultation in…

Thomas Miller Specialty appoints new team to underwrite general aviation

Thomas Miller Specialty appoints new team to underwrite general aviation

Thomas Miller Specialty appoints new team to underwrite general aviation

Underwriting agency Thomas Miller Specialty has launched a general aviation business to sit alongside its existing marine, offshore, aerospace and cyber insurance lines. Nic Vine, underwriting director, will head up the new unit with Bruce Dovey appointed as senior underwriter and Simon Ingrouille as underwriter. The team will work from a branch office in St Martin, Guernsey and Thomas Miller…

Mapfre Global Risks sets up in London aviation market to drive international growth

Mapfre Global Risks sets up in London aviation market to drive international growth

Mapfre Global Risks sets up in London aviation market to drive international growth

Mapfre Global Risks (MGR) is moving into London’s aviation insurance market by appointing former Willis Towers Watson man Oscar Becerra as aviation underwriter in the market. This will be the first time MGR will write aviation business directly from London and continues its strategy of driving international growth from the UK’s capital. Mr Becerra, who joins from Willis Towers Watson,…

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