UK trade credit claims hit record Q1 high on back of Carillion fallout: ABI

UK trade credit claims hit record Q1 high on back of Carillion fallout: ABI

UK trade credit claims hit record Q1 high on back of Carillion fallout: ABI

The UK has seen its highest level of trade credit insurance claims since 2009 with the £54m paid out in the first quarter of this year the largest of any quarter on record, according to the Association of British Insurers (ABI). The number of claims made by UK firms to cover non-payment of debt was up 50% on the previous…

Carillion highlights D&O insolvency culpability, with claims on the way

Carillion highlights D&O insolvency culpability, with claims on the way

Carillion highlights D&O insolvency culpability, with claims on the way

The collapse of Carillion earlier this year has shed light on how directors are increasingly being found culpable when a company goes under, adding further problems for risk managers to think about and clear implications for D&O insurance. The UK’s second-largest construction company Carillion went into administration in January, owing £2bn to its 30,000 suppliers, sub-contractors and other short-term creditors.…

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

SCOR has reorganised its growing SCOR Business Solutions (SBS) unit in a move it says will make the firm more relevant to customers, be easier for brokers to use and help deliver planned growth in the large global corporate primary market. The Paris-based group said that in line with its current strategic ‘Vision in Action’ plan, it is “enhancing the…

Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global commercial insurance rates have risen for the second consecutive quarter, up 0.9% on average, driven by increases in property business and finpro lines, according to Marsh. However, overall pricing continues to fall in continental Europe, even though the rate of decline slowed again, the broker’s global insurance market index shows. The rise in global commercial insurance pricing was driven by…

HDI Global Specialty formed to focus on high growth and margin business

HDI Global Specialty formed to focus on high growth and margin business

HDI Global Specialty formed to focus on high growth and margin business

Talanx has decided to merge the primary specialty operations of its Hannover Re and HDI Global operations to create HDI Global Specialty, an international specialty insurer that will kick off with more than €1bn in premium income. HDI Global, along with the other leading industrial insurers, is struggling to deliver strong and profitable growth in core traditional European lines and…

Whistleblowing trend drives D&O concerns

Whistleblowing trend drives D&O concerns

Whistleblowing trend drives D&O concerns

With whistleblowing set to increase throughout Europe following plans recently announced by the EC, companies are advised to keep a close eye on proceedings and growing D&O risk. Recent years have seen regulators turn to whistleblowing to unveil corporate misconduct and wrongdoing, and aid investigations and prosecutions. This has seen more and more governments introduce whistleblowing protections – including France,…

Marsh appoints UK FINPRO leader

Marsh appoints UK FINPRO leader

Marsh appoints UK FINPRO leader

Marsh has named Paul Denny as leader of its UK financial and professional practice (FINPRO). Mr Denny has worked for Marsh since 1989. He most recently headed up northeast US FINPRO and US errors and omissions, where he worked with professional services firms and financial institutions to cover their professional liability and cyber risk programmes. Mr Denny will manage Marsh’s…

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

A growing focus on privacy and tougher EU data protection laws could drive future claims against directors and officers, experts warn. The recent alleged misuse of personal data belonging to Facebook users has shone the spotlight on privacy liability just as the EU implements its General Data Protection Regulation (GDPR) on 25 May. The GDPR introduces new rights for consumers…

New business rose across the world in 2017

New business rose across the world in 2017

New business rose across the world in 2017

New business grew across the world last year in almost all areas, according to the Berne Union. In its annual report,  launched this meeting at a meeting in Kenya, it reveals preliminary statistics which indicate that, as a result of favourable growth in global trade and GDP in 2017, Berne Union members reported an uptick in new business in almost…

Sompo launches specialty unit in Spain

Sompo launches specialty unit in Spain

Sompo launches specialty unit in Spain

Bermudan insurer Sompo International (SI) is setting up a European specialty insurance underwriting unit in Barcelona, Spain to underwrite management liability, professional indemnity and financial institutions business. The new operation will expand to other lines in due course and is being formed as part of SI’s continued push into Europe. In November last year, SI said it would establish a…

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