Renewable energy insurance market has ‘truly hardened’ during last year: Willis

Renewable energy insurance market has ‘truly hardened’ during last year: Willis

Renewable energy insurance market has ‘truly hardened’ during last year: Willis

Pressure to improve profitability in the London and European insurance markets has been felt by renewable energy firms, with insurance costs rising and the process to secure cover now taking far longer, according to a report on the sector from Willis Towers Watson (WTW). The report says market rates have “truly hardened” during the past 12 months. The broker explains…

Neon to enter Lloyd’s run-off in 2020

Neon to enter Lloyd’s run-off in 2020

Neon to enter Lloyd’s run-off in 2020

Lloyd’s managing agency Neon Underwriting is being placed into run-off by its US owner American Financial Group (AFG). AFG said Neon has “failed to achieve” profitability objectives since it acquired the business as Marketform in 2008. In particular, AFG said Neon’s results prospects for 2019 and 2020 fall below its expectations. Marketform relaunched as Neon in 2016 with a book…

Energy liability market increasingly difficult for buyers says Marsh JLT Specialty

Energy liability market increasingly difficult for buyers says Marsh JLT Specialty

Energy liability market increasingly difficult for buyers says Marsh JLT Specialty

The energy casualty market is becoming increasingly difficult for buyers as the impact of losses in the wider liability space takes its toll, according to Marsh JLT Specialty’s latest report on the energy and power sectors. The broker reported a two-speed energy market in its 2019 third-quarter report, with downstream property insurance hardening ahead of upstream property and casualty. But…

Hartford latest to pull coal cover and investment as pressure ramps up

Hartford latest to pull coal cover and investment as pressure ramps up

Hartford latest to pull coal cover and investment as pressure ramps up

US insurance group The Hartford has joined the fast-rising number of leading insurers to announce plans to pull cover and investment from the coal sector. The group also became only the second US insurer and fifth in the world to announce that it would not back the tar sands sector, which scientists agree produces at least 15% more carbon dioxide…

Swerma president urges insurers to boost innovation as market hardens

Swerma president urges insurers to boost innovation as market hardens

Swerma president urges insurers to boost innovation as market hardens

The president of Swedish risk management association Swerma has called on the insurance industry to improve product development and boost innovation, while encouraging risk managers to up their game as the market hardens. Swerma president Athina Pehrmantold CRE that innovative product development is the number one area in which risk managers would like insurers to improve and put in more…

Liberty Mutual bows to public pressure with new coal policy

Liberty Mutual bows to public pressure with new coal policy

Liberty Mutual bows to public pressure with new coal policy

Liberty Mutual Insurance has become the latest insurer to overhaul its coal and energy investment and underwriting policies, after it was named this month as one of the largest remaining insurers to still provide cover for climate-damaging industries. Liberty Mutual said it will not accept new underwriting risks for companies with more than 25% of exposure to the extraction or…

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…

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