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…

AXA XL appoints global head of upstream energy

AXA XL appoints global head of upstream energy

AXA XL appoints global head of upstream energy

Steven Farr has been promoted to lead AXA XL’s global upstream energy team with immediate effect. He becomes global head of upstream energy and will be based in London. He will be responsible for developing the upstream energy book, expanding on and delivering underwriting strategy and product profitability. Huw Jones, chief underwriting officer for global energy at AXA XL, said:…

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL is reviewing its policies to tackle non-affirmative, also known as silent, cyber cover wherever possible, the insurer told Commercial Risk Europe. The company’s head of international cyber, James Tuplin, said AXA XL will then decide product by product whether and how cyber cover is included in its range of insurances. A growing number of insurers and insurance markets,…

Argo warns investors of Q2 earnings hit from reserve increases

Argo warns investors of Q2 earnings hit from reserve increases

Argo warns investors of Q2 earnings hit from reserve increases

Argo Group International, the Bermuda-based specialty insurance and reinsurance group, has announced that its results for the second quarter of 2019 will be hit by prior-year reserve increases in its London, Europe and Bermuda operations. Argo has faced a tough period in recent times as activist investor Voce Capital accused the insurer, and CEO Mark Watson in particular, of extravagant…

Insurers report further market hardening in early results

Insurers report further market hardening in early results

Insurers report further market hardening in early results

The first insurers reporting second-quarter and half-year results say rate increases are on the rise, with hardening conditions spreading to further lines and regions. The changing market in favour of insurers is helping many to deliver decent numbers. The firming market enabled Chubb to report another excellent set of quarterly and half-year results as it benefited from a “flight to…

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