Ransomware attack brings down production at Belgian firm Picanol

Ransomware attack brings down production at Belgian firm Picanol

Ransomware attack brings down production at Belgian firm Picanol

Global operations of Belgian textile technology company Picanol have been brought to a standstill following a ransomware attack, and the firm said it will not be able to manufacture any products, largely weaving machines, for at least this week. Picanol said the attack has caused serious disruption to its operations in Ypres, Romania and China. In a statement posted on…

Aegon’s coal exclusion investment list grows to more than 100

Aegon’s coal exclusion investment list grows to more than 100

Aegon’s coal exclusion investment list grows to more than 100

Dutch insurer Aegon has added its weight to the anti-coal investment movement, announcing that it will expand its environmentally-driven approach and place all new investments in businesses that accelerate the transition to a low-carbon economy. From 1 January, Aegon ceased investments in firms that own more than 10 gigawatts of coal-fired electricity generation capacity with plans to expand operations. It…

Belgian data protection supervisor fines SME without any formal complaint lodged

Belgian data protection supervisor fines SME without any formal complaint lodged

Belgian data protection supervisor fines SME without any formal complaint lodged

The Belgian Supervisory Authority (SA), the independent public authority that supervises the application of European data protection law through investigative and corrective powers, has imposed a fine of €15,000 on an SME operating a legal information website, reportedly without receiving any formal complaint. The action by the SA (each EU nation now has an SA created to provide expert advice…

Landmark Dutch ruling that government must protect citizens from climate change could be first of many

Landmark Dutch ruling that government must protect citizens from climate change could be first of many

Landmark Dutch ruling that government must protect citizens from climate change could be first of many

A landmark ruling by the Netherlands Supreme Court that its government must reduce greenhouse gas emissions to protect its citizens from climate change could see similar action taken in other countries around the world, as pressure is ramped up on the public sphere and private companies to address the issue. The Dutch supreme court upheld a 2015 ruling from the…

US managing agency launches new Lloyd’s syndicate

US managing agency launches new Lloyd’s syndicate

US managing agency launches new Lloyd’s syndicate

A new syndicate is to launch at Lloyd’s for 2020 after several unprofitable syndicates have withdrawn for the new year of account. Victor Syndicate 2288 will begin underwriting with capacity of £57m, backed by Marsh-owned US managing general agency Victor Insurance Holdings, which has appointed third-party managing agency Asta to oversee the syndicate. Victor Insurance said the new syndicate will…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

Tokio Marine Kiln sells European MGA business to Cooper Gay France

Tokio Marine Kiln sells European MGA business to Cooper Gay France

Tokio Marine Kiln sells European MGA business to Cooper Gay France

Cooper Gay France (CGF), part of the London-based Ed broking group that renamed itself in 2016, has revealed that it is expanding its European MGA business through the acquisition of Belgium-based Tokio Marine Kiln Europe SA (TMKE). Tokio Marine confirmed to Commercial Risk Europe that Tokio Marine Europe SA, created in 2018 as part of the Japanese-owned London insurer’s Brexit…

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets (LSM) will continue its push into Europe and be a stable partner for risk managers through changing market conditions, according to Kerry McKay, head of distribution in Europe at LSM. LSM has grown significantly in Europe during the past three years, and will continue to expand steadily in the region, despite the retrenchment of some insurers in…

Risk managers have role to play in sustainability, but be clear what it means

Risk managers have role to play in sustainability, but be clear what it means

Risk managers have role to play in sustainability, but be clear what it means

Corporate sustainability is a very broad term that is defined in about as many ways as risk management itself. Just as with the discipline of risk management, there is no single and clear definition of what sustainability actually means, except for the fact that most people agree it’s a good thing. If pressed, most people would say sustainability is all…

Risk manager role evolving fast but basic negotiation and  social skills remain key

Risk manager role evolving fast but basic negotiation and social skills remain key

Risk manager role evolving fast but basic negotiation and  social skills remain key

Discussion during our Dutch Risk Frontiers Europe roundtable naturally led onto the evolving role of the risk and insurance manager. It seems things are on the up and new skills are needed, but the basics remain key to success. Ronald de Vos, corporate insurance manager and legal counsel at Nutreco, said the changing nature of risk as companies strive towards…

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