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…

Talanx signs up to UN Principles for Responsible Investment and operates zero carbon footprint

Talanx signs up to UN Principles for Responsible Investment and operates zero carbon footprint

Talanx signs up to UN Principles for Responsible Investment and operates zero carbon footprint

The Talanx Group, parent company of HDI Global and Hannover Re, has signed up to the United Nations-supported Principles for Responsible Investment (PRI) and aligned itself with what it describes as a “framework for sustainable investment”. At the same time, Talanx has decided to operate with a net-zero carbon footprint in Germany from this year onwards. “As an insurer we…

LMA releases silent cyber standard clauses

LMA releases silent cyber standard clauses

LMA releases silent cyber standard clauses

The Lloyd’s Market Association (LMA) has published model cyber clauses for property, marine and energy policies written in the London market, to help insurers deal with non-affirmative cover. The LMA, which represents Lloyd’s managing agents and syndicates, has produced the model clauses to help members provide clarity about cyber coverage under first-party property damage policies. The model clauses will also…

Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer Underwriters will close its Lloyd’s syndicate 1980 for the 2020 year of account, because the cost of capital is “no longer economically efficient”. The managing general agent (MGA) said Lloyd’s had approved its 2020 business plan that included a small increase in capacity, but since then it had concluded that the costs were simply too high. The syndicate closes…

AXA XL names Welton UK head of energy

AXA XL names Welton UK head of energy

AXA XL names Welton UK head of energy

AXA XL Insurance has appointed Peter Welton as UK head of energy. Mr Welton takes on responsibility for developing the energy book from Luis Prato, who was promoted to chief underwriting officer for the UK in September. Based in London, Mr Welton moves from his current role as senior class underwriter for downstream energy and power. He joined Catlin Underwriting…

Gallagher buys Swedish broker Proinova as it targets Scandinavia

Gallagher buys Swedish broker Proinova as it targets Scandinavia

Gallagher buys Swedish broker Proinova as it targets Scandinavia

Gallagher has bought specialist Swedish broker Proinova for an undisclosed fee. Proinova specialises in the real estate sector and has a longstanding relationship to deliver insurance, loss prevention and claims management services to trade association members. It also offers risk and insurance services for municipalities, hotels and conferences, and commercial property. The 19-strong team is headquartered in Helsingborg. Gallagher said…

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

The Reserve Bank of Australia (RBA) has warned that if investors and financial institutions do not take the impact of climate change more seriously, there is a good chance that critical business and personal risks will become increasingly uninsurable. The bank also warns in its latest Financial Stability Review that if insurers fail to price the related risks accurately enough,…

Energy buyers face further market upheaval with downstream rates up by 30%: Marsh

Energy buyers face further market upheaval with downstream rates up by 30%: Marsh

Energy buyers face further market upheaval with downstream rates up by 30%: Marsh

Energy buyers have one “safe harbour” in the upstream energy market, with all other classes under “extreme stress” to provide capacity and rates rising, Marsh JLT Specialty said in its latest market bulletin. Upstream energy is out of line with “improved economics” for insurers in other energy classes, with rate rises of 5% at the beginning of this year slipping…

Two new senior leaders in AIG’s global specialty business

Two new senior leaders in AIG’s global specialty business

Two new senior leaders in AIG’s global specialty business

American International Group (AIG) has appointed two senior leaders in its global specialty business. Steve Eccles will join AIG as global head of aerospace, general insurance. James Langdon will join AIG as UK head of energy and construction, general insurance. According to AIG, Mr Eccles will be responsible for setting and driving business strategy for global aerospace and ensuring underwriting…

Capacity shrinks as insurers pressured to make coal uninsurable

Capacity shrinks as insurers pressured to make coal uninsurable

Capacity shrinks as insurers pressured to make coal uninsurable

Insurance capacity for coal mining and power generation risks is shrinking rapidly as environmental groups put insurers and brokers under increasing pressure to make thermal coal uninsurable. In July, Chubb said it would no longer provide insurance for thermal coal. It was the first major US insurer to adopt such a policy. Chubb said it will not underwrite new risks…

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