Liberty Specialty Markets integrates Ironshore Bermuda operations under new brand

Liberty Specialty Markets integrates Ironshore Bermuda operations under new brand

Liberty Specialty Markets integrates Ironshore Bermuda operations under new brand

Liberty Mutual is integrating its Ironshore Bermuda businesses into a single brand and unit called Liberty Specialty Markets Bermuda, in a bid partly designed to offer clients a wider range of solutions. Ironshore in Bermuda previously comprised two businesses. These were: Ironshore Bermuda, which opened in 2007 writing, property, energy and specialty r(e)insurance; and Iron-Starr Excess Agency, which began in 2009…

Insurance is not a cure-all for poor risk selection

Insurance is not a cure-all for poor risk selection

Insurance is not a cure-all for poor risk selection

Global mining conglomerates and their insurance and reinsurance partners will have to improve their risk management outcomes to ensure the long-term sustainability of mining insurance, and must follow the advice of their insurers when it comes to loss prevention. “It does not matter what premium you charge for cover nor what terms and conditions you attach to the insurance policy…

RSA exits London market specialty lines and cuts back international offering

RSA exits London market specialty lines and cuts back international offering

RSA exits London market specialty lines and cuts back international offering

RSA Group is exiting three lines of specialty business and scaling back its London market premiums by one third. Following a review of its specialty and wholesale business written through RSA Global Risk Solutions, the insurer will withdraw from international construction, international freight and fixed price marine protection and indemnity insurance with immediate effect…

Marsh announces plans for new Marsh-JLT Specialty unit

Marsh announces plans for new Marsh-JLT Specialty unit

Marsh announces plans for new Marsh-JLT Specialty unit

Marsh has announced it will create a new specialty unit following the acquisition of JLT. Marsh-JLT Specialty will combine the specialty teams of both businesses when the deal closes, although notably it will retain the JLT name and key JLT executives will head up the new business…

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

Insurance buyers in North America will pay higher commercial insurance rates next year with some lines reaching double-digit increases, according to Willis Towers Watson’s Marketplace Realities 2019 report. Willis says hype about property rate increases following heavy catastrophe losses in 2017 masked where the real increases have pushed through – casualty and professional liability lines…

Nuclear cover debate hots up as India continues power expansion plan

Nuclear cover debate hots up as India continues power expansion plan

Nuclear cover debate hots up as India continues power expansion plan

Pressure is mounting on the Indian Government to expand the insurance cover available for nuclear power risks, as the country continues an aggressive expansion plan for its nuclear industry. The local insurance and reinsurance industry that supports India’s limited nuclear insurance pool is reportedly, however, not keen to open up the market to international insurers and reinsurers and see the…

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…

Geopolitical tensions impacting mining supply chains

Geopolitical tensions impacting mining supply chains

Geopolitical tensions impacting mining supply chains

Geopolitical tensions impacting on supply chains are increasing volatility in the mining sector, as the industry faces a fairly bleak short-term future. According to Willis Towers Watson’s Mining Risk Review 2018, the mining industry has enjoyed mixed fortunes in the past 12 months and the report authors state that, while there had been some encouraging signs that commodity prices were…

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