The US regulator has launched a legal suit against VW, alleging the German car manufacturer defrauded US bond investors in the diesel emission scandal. The case also cites former CEO Marin Winterkorn and two subsidiaries – Volkswagen Group of America Finance and VW Credit. The suit by the Securities and Exchange Commission (SEC) alleges that VW raised $13bn through corporate…
Zurich Australia has teamed up with Fusion Specialty Insurance to launch a mergers and acquisitions (M&A) underwriting agency partnership. Under the terms of the collaboration, Zurich will delegate its underwriting authority to Fusion M&A, which will write warranties and indemnity insurance on its behalf. The agency will focus on supporting cross-border M&A transactions across Asia-Pacific. Fusion M&A is a subsidiary…
Tokio Marine HCC has appointed Henning Skaarup as head of surety in the Nordics, as the company looks to expand its surety business in the region and into continental Europe. Mr Skaarup is currently acting general manager of a new Danish branch. In his new role, he will remain based in Copenhagen and will report to Luc Reuter, head of…
UK companies must ensure they have done everything possible to protect their business from Brexit or face lawsuits brought by disgruntled investors, governance expert Mactavish has warned, adding that it fears many firms are not taking this risk seriously enough…
Global average commercial insurance prices rose by 2% in Q4 2018, marking the fifth consecutive quarter of increases and the biggest rise since Marsh started its Global Insurance Market Index in 2012…
Two investor class actions launched in the UK this month have added to international pressure driving up D&O rates…
QBE Insurance Group has turned around net losses of $1.25bn in 2017 to record a profit of $350m in 2018, improving its combined ratio to 95.7%…
Lloyd’s coverholder and managing general agent (MGA) Agile Underwriting has been appointed as a representative agent by specialty insurer StarStone in Australia and New Zealand. StarStone, which is owned by Bermuda-based Enstar, has decided to close its Sydney office following a strategic review, choosing instead to appoint Agile, which bills itself as an insurtech-powered MGA. The two businesses have been…
Sydney-based specialist insurer POP Insurance has signed a strategic agreement with Japanese e-commerce company Rakuten to develop a range of transaction insurance products. The products will focus on merger and acquisition (M&A) insurance, thereby capitalising on the current corporate consolidation boom in Japan. The collaboration involves POP’s subsidiary, Fusion Specialty M&A MGA, and Rakuten General Insurance. Under the terms of…
Specialist insurer Markel International has strengthened its financial lines team by hiring Gordon Lam as a senior professional and financial risks (PFR) underwriter. Mr Lam is currently based in Singapore, where he was underwriting manager for Beazley. He is expected to relocate to Hong Kong to take up his new position at Markel. He will work alongside Simon Moi, head…