Schinnerer Group rebrands as Victor

Schinnerer Group rebrands as Victor

Schinnerer Group rebrands as Victor

The Schinnerer Group, the world’s largest managing general underwriter, currently servicing greater than $1bn in premium, is to rebrand as Victor. It said the new name was “reflective of the firm’s history and its new global operating model”. The Schinnerer Group’s businesses will take up the Victor brand during the next year, and combine to operate as a single global…

MS Amlin gets go-ahead for Brussels Brexit plan

MS Amlin gets go-ahead for Brussels Brexit plan

MS Amlin gets go-ahead for Brussels Brexit plan

MS Amlin will redomicile its European operations from London to Brussels after receiving regulatory approval, with the new base fully operational from the beginning of January 2019. The move sees Amlin Insurance SE, currently based in London, licensed to underwrite insurance and reinsurance from Brussels and European branches, including those in the Netherlands and France. From January next year, it…

RSA gets green light for Luxembourg move

RSA gets green light for Luxembourg move

RSA gets green light for Luxembourg move

RSA has received regulatory approval for its new Luxembourg insurance subsidiary, which is being set up to deal with Brexit. RSA Luxembourg (RSAL) has been established to ensure no disruption for business with EU-based customers and other business partners. RSA’s existing EU branch business will be transferred to RSAL via a Part VII transfer and then directly onto the RSAL…

Generali to open dedicated employee benefits branch in Luxembourg

Generali to open dedicated employee benefits branch in Luxembourg

Generali to open dedicated employee benefits branch in Luxembourg

Assicurazioni Generali is to open a branch in the Grand Duchy of Luxembourg, which will focus on the writing of employee benefits business. The Generali Group said the move was in line with the strategic objectives of the group to consolidate its leadership in the employee benefits sector. “The opening of the new branch of Generali in Luxembourg, solely dedicated…

Castel Underwriting opens branch in The Netherlands

Castel Underwriting opens branch in The Netherlands

Castel Underwriting opens branch in The Netherlands

Managing general agent platform Castel Underwriting Agencies has opened its first branch office in Amsterdam, which it said will form the base for expansion in Europe and allow the firm to build on opportunities on the continent after the UK leaves the European Union. The branch, already registered with the Authority for the Financial Markets (the Dutch regulator), will develop…

Dutch risk managers agree cyber cover should be standalone rather than in existing lines

Dutch risk managers agree cyber cover should be standalone rather than in existing lines

Dutch risk managers agree cyber cover should be standalone rather than in existing lines

Leading Dutch risk managers have agreed with their colleagues in Italy and Germany that arranging standalone cyber cover is preferable to trying to include it within existing traditional lines, to avoid uncertainty and assure the CFO and rest of the board they are actually covered. In the past, a good proportion of European risk managers have told Commercial Risk Europe…

European countries top FM Global’s resilience index but struggle on cyber risk

European countries top FM Global’s resilience index but struggle on cyber risk

European countries top FM Global’s resilience index but struggle on cyber risk

Business resilience to risk and disruption is highest in Switzerland, followed by Luxembourg and Sweden, finds a global index of 130 countries and jurisdictions published by FM Global. However, European countries have deteriorated when it comes to cyber resilience. Myanmar, Nigeria and Madagascar were the bottom three ranked countries in the overall index. Based on 12 measures of resilience across…

Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global commercial insurance rates have risen for the second consecutive quarter, up 0.9% on average, driven by increases in property business and finpro lines, according to Marsh. However, overall pricing continues to fall in continental Europe, even though the rate of decline slowed again, the broker’s global insurance market index shows. The rise in global commercial insurance pricing was driven by…

GDPR fines insurable in just two European countries: Aon report

GDPR fines insurable in just two European countries: Aon report

GDPR fines insurable in just two European countries: Aon report

Fines under the EU’s General Data Protection Regulation (GDPR) will only be insurable in two European countries, according to analysis by Aon and law firm DLA Piper. In 20 of the 30 countries analysed, fines – which could be as high as €20m or 4% of a group’s global turnover – will not be insurable. Only companies in Finland and…

Insurers relocating to Luxembourg due to Brexit drive major premium growth

Insurers relocating to Luxembourg due to Brexit drive major premium growth

Insurers relocating to Luxembourg due to Brexit drive major premium growth

Luxembourg’s insurance regulator, Commissariat aux Assurances, has revealed that the insurance sector saw all-lines combined insurance premiums increase by 10.11% in the first quarter of 2018, compared to the same period in 2017. Commissariat aux Assurances said it was a “promising first quarter” after “a year already very successful.” It said the growth, especially on the non-life side, was largely…

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