RSA Luxembourg appoints new head of liability

RSA Luxembourg appoints new head of liability

RSA Luxembourg appoints new head of liability

RSA Luxembourg has appointed Marilyne Furlan as its new head of liability lines for Europe. Ms Furlan has led the liability team at RSA France for the past six years and will now take on casualty and financial lines portfolios across Europe. Ms Furlan will report to Corentin Maurice, chief underwriting officer of RSA Luxembourg. Frédérique Roeder has been appointed…

UK regulator says insurers have ignored warning on reserves

UK regulator says insurers have ignored warning on reserves

UK regulator says insurers have ignored warning on reserves

The UK’s Prudential Regulation Authority (PRA) has told financial lines insurers to correct any weaknesses in reserving and warned it will “sharpen” its focus on firms with significant exposures to the risk. In a letter to CROs following a reserving review in the general insurance sector, the PRA said concerns raised last year about reserving and exposure have not been…

Aon launches IP tool to boost M&A value

Aon launches IP tool to boost M&A value

Aon launches IP tool to boost M&A value

Aon has developed a tool that measures the quality of intellectual property within companies involved in mergers and acquisitions. The Quality of Intellectual Property Solution (QoIP) has already been deployed for M&A transactions and generates reports to help companies that have invested in IP achieve higher M&A transaction values and for buyers to better gauge IP assets. “Our Quality of…

Beazley projects 2020 underwriting loss as claims mount

Beazley projects 2020 underwriting loss as claims mount

Beazley projects 2020 underwriting loss as claims mount

Lloyd’s insurer Beazley expects to post an underwriting loss for full-year 2020, but market hardening has increased the insurer’s appetite for directors and officers (D&O) cover. Beazley anticipates a full-year combined ratio of about 110%, assuming normalised claims levels for the remainder of 2020. The underwriting loss reflected third-quarter catastrophe claims of $80m from Hurricanes Laura and Sally, and the…

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Global insurance prices rose 20% in Q3, with increases of 34% in the UK and 15% in continental Europe, according to Marsh’s latest index, which saw the biggest jump since it began tracking figures back in 2012. The broker said it expects this rising trend to continue into 2021. Marsh’s third-quarter Global Insurance Market Index shows that all regions around…

Marsh’s index shows record rate increases of 20% in Q3

Marsh’s index shows record rate increases of 20% in Q3

Marsh’s index shows record rate increases of 20% in Q3

Marsh’s latest Global Insurance Market Index again showed record price increases as commercial P&C buyers faced up to average rises of 20% in Q3. This is the steepest year-on-year increase since the index was launched in 2012 and follows rises of 19% and 14% in the first two quarters of 2020. Ever increasing prices were evident in global property where…

Hiscox says rates at five-year high as it reserves $75m for Q3 cat losses

Hiscox says rates at five-year high as it reserves $75m for Q3 cat losses

Hiscox says rates at five-year high as it reserves $75m for Q3 cat losses

Hiscox CEO Bronek Masojada said in a trading statement ahead of full Q3 results that the first nine months of 2020 saw “the strongest pricing” the firm has seen in the London market and reinsurance for more than five years. The group said rates were up 18% across Hiscox’s London market business. They rose in almost every line, with US…

Greenberg says market hardening spread in Q3 with more to come

Greenberg says market hardening spread in Q3 with more to come

Greenberg says market hardening spread in Q3 with more to come

Chubb’s CEO Evan Greenberg says commercial insurance market hardening spread to more lines and territories in the third quarter and he believes there remains a way to go before the cycle’s peak is reached. Speaking during Chubb’s third-quarter results call, Mr Greenberg said the insurer continued to experience a “strong and continuously improving” commercial P&C pricing environment in Q3. He…

AXA XL’s withdrawal from London D&O market leaves ‘large hole’ in capacity

AXA XL’s withdrawal from London D&O market leaves ‘large hole’ in capacity

AXA XL’s withdrawal from London D&O market leaves ‘large hole’ in capacity

AXA XL’s decision to become the latest insurer to withdraw from London’s directors and officers (D&O) market will leave a capacity gap and add further pressure in a key market for many large corporates. AXA XL recently announced it is pulling out of the London market for management liability and financial institutions business. The company will no longer write these…

European multinationals suffering worst in hard market but capital influx offers hope

European multinationals suffering worst in hard market but capital influx offers hope

European multinationals suffering worst in hard market but capital influx offers hope

Multinational European companies with exposures in the US and Asia are being hit harder by tough commercial insurance conditions than regional firms because the market in continental Europe is not yet as harsh, according to Marsh’s Nick Holmes. He added that although the market hardening is expected to continue this year and into 2021, at some point the recent influx of…

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