AXA XL’s Jason Harris will replace QBE’s CEO of international business Richard Pryce, who is retiring at the end of this year. Mr Harris was CEO of global property and casualty at AXA XL with responsibility for financial lines, construction, engineering, ART and risk engineering. He will take on his new role in the fourth quarter and report to QBE’s…
Cover for Covid-19 business interruption (BI) losses is the biggest concern for Marsh clients currently, as many come to realise that standard property damage and BI policies likely lack any trigger. Even losses covered by non-damage BI extensions will be a matter of significant debate, Marsh said. Clarissa Franks, head of placement, risk management at Marsh, speaking at a recent…
The Covid-19 pandemic has exposed company directors to heightened legal and directors and officers (D&O) risk, from liabilities for wrongful trading to breach of fiduciary duties, with a fine line between the two, according to a briefing note from DAC Beachcroft. The pandemic has mothballed many businesses, putting them under financial distress and presenting directors with difficult decisions about whether…
Willis Towers Watson’s (WTW) GB financial lines and executives risk team (Finex) has appointed Eve Richards as its new GB head of Finex D&O, and Angus Duncan as executive director and coverage specialist. According to WTW, they will be tasked with working with large complex clients on structuring “long-term sustainable placements in a move that reflects the need for a…
Directors and officers of companies that suffer losses or even bankruptcy as a result of coronavirus are likely to face legal assaults from creditors on the basis of inadequate disclosure of risks and failure to react adequately during the crisis, warned Julia Zhu, associate in the finance practice at Brattle Group. “There may be causes of actions against a company’s…
Susan Finbow has been appointed as global head of financial, executive and professional risks (FINEX) financial institutions at Willis Towers Watson (WTW). She will be based in Toronto and will be responsible for the direction and servicing of FINEX financial institutions teams and client portfolios worldwide. According to WTW, she will oversee the development of a FINEX financial institutions community…
Directors and officers of companies, especially those in financial services, should ensure that they have robust disaster recovery plans and adequate insurance in place, or risk facing claims related to coronavirus (Covid-19), according to London-based international law firm HFW. “Any large organisation, particularly with public shareholders, is expected to have some form of disaster recovery plan in place (particularly to…
Lloyd’s broker EC3 Brokers has expanded into international financial and professional lines with the appointment of David Purdy as divisional director. Mr Purdy joins EC3 Brokers from Willis Towers Watson, where he was executive director of its financial and executive risks practice. He will report to James Murphy, head of broking at EC3 Brokers, and oversee the new book of…
The German risk and insurance management association GVNW has cancelled its popular Focus on Cyber and Financial Lines conference planned for Cologne on 18-19 March for health reasons, as the coronavirus (Covid-19) accelerates in the country. The GVNW’s decision to cancel its second-biggest event of the year came the day after Chancellor Angela Merkel warned that up to 70% of the…
Insurers have learnt from previous virus outbreaks and in many cases policy language and exclusions could be used to deny cover for coronavirus (Covid-19), making insurance recoveries complex and uncertain, according to experts from various business lines on a Marsh webinar. Liability and business interruption losses from Covid-19 could potentially be covered by traditional property and casualty insurance coverages, such…