Liberty Mutual creates new EU surety entity

Liberty Mutual creates new EU surety entity

Liberty Mutual creates new EU surety entity

Liberty Mutual has created a new, single entity called Liberty Mutual Surety Europe to deliver surety and guarantee solutions across the EU. The company has also rebranded all of its European and UK surety and guarantee operations to Liberty Mutual Surety. Liberty’s surety and guarantee products in Europe were previously sold under the Liberty Specialty Markets and Nationale Borg trade…

Music performers join insurance industry to call for UK state-backed event cancellation scheme

Music performers join insurance industry to call for UK state-backed event cancellation scheme

Music performers join insurance industry to call for UK state-backed event cancellation scheme

Music performers have joined insurance industry experts to call for a UK government-backed event cancellation insurance scheme for live events, because cover for Covid-19 is no longer available in the open market. Jools Holland, Depeche Mode, Johnny Marr, Sir Cliff Richard, Robert Plant, Roger Daltrey, Amy McDonald, The Chemical Brothers, Frank Turner and Judas Priest have all added their name…

BI confusion shows insurance industry ‘must do better’ for customers: Evans

BI confusion shows insurance industry ‘must do better’ for customers: Evans

BI confusion shows insurance industry ‘must do better’ for customers: Evans

The UK’s largest insurance association has acknowledged that there is a big expectation gap between carriers and their clients over business interruption (BI) policies, and said the industry “must do better”. Huw Evans, director general of the Association of British Insurers (ABI), also said he regretted the tone adopted by insurers at the beginning of the pandemic when talking to…

FCA’s pricing reform timetable ‘a joke’ says ABI

FCA’s pricing reform timetable ‘a joke’ says ABI

FCA’s pricing reform timetable ‘a joke’ says ABI

The implementation schedule for the Financial Conduct Authority’s (FCA) proposed reform of pricing in the UK’s general insurance market has been cast into doubt after the regulator’s original July deadline was described as “a joke” by the head of the Association of British Insurers (ABI). The FCA has proposed that when existing customers renew their home or motor insurance policy,…

MGAs advised to focus on data quality as capacity dwindles

MGAs advised to focus on data quality as capacity dwindles

MGAs advised to focus on data quality as capacity dwindles

Reduced capital availability, rising rates and more disciplined underwriting are seen as a return to reality in the wider insurance and reinsurance market. But the collective belt tightening is proving to be a little uncomfortable for some in the managing general agency (MGA) sector, based on discussion at a recent webinar hosted by the London-based Managing General Agents Association (MGAA).…

Eiopa’s capital loading plans could risk insurability of nat cat risk, warns Fitch

Eiopa’s capital loading plans could risk insurability of nat cat risk, warns Fitch

Eiopa’s capital loading plans could risk insurability of nat cat risk, warns Fitch

The European Insurance and Occupational Pensions Authority’s (Eiopa) plans to impose capital charges for insurers’ exposure to nat cat risk could affect pricing and the insurability of such risks, warns Fitch. A final report from Eiopa on its proposal is expected in the next few months. Fitch says EU regulators are aware and concerned about climate change risk facing the…

German D&O ruling means insurers still liable after insolvency

German D&O ruling means insurers still liable after insolvency

German D&O ruling means insurers still liable after insolvency

A recent ruling by Germany’s Federal Supreme Court, the Bundesgerichtshof (BGH), which overturned a decision made back in 2018, means directors and officers (D&O) in the country will still be able to claim on D&O policies even after their company becomes insolvent. The ruling is of particular interest currently because German insolvencies are expected to increase once the relaxation of…

Solvency II changes for UK insurers could free up £95bn, says ABI

Solvency II changes for UK insurers could free up £95bn, says ABI

Solvency II changes for UK insurers could free up £95bn, says ABI

Potential changes to the Solvency II regime by UK regulators post-Brexit could free up £95bn from the insurance sector to benefit clients and the wider economy, according to the Association of British Insurers (ABI), releasing a report produced by KPMG. The ABI said changes to Solvency II’s matching adjustment and risk margin would ensure the industry still holds enough capital,…

EC confirms UK data adequacy but will review in 2025

EC confirms UK data adequacy but will review in 2025

EC confirms UK data adequacy but will review in 2025

The European Commission (EC) has said the UK’s data protection laws are strong enough to allow for the free flow of personal information between the EU and UK as the two sides renegotiate following Brexit. It will now move to adopt the draft data adequacy decisions on the GDPR and then on the Law Enforcement Directive, which will allow the…

Travelers wins virus BI case against hotel chain

Travelers wins virus BI case against hotel chain

Travelers wins virus BI case against hotel chain

A federal district court in Cleveland has dismissed Covid-19 business interruption litigation filed by a hotel chain against a Travelers unit, holding that the mere physical presence of the virus on the insured’s property does not constitute physical loss under its coverage. Ceres Enterprises, which operates hotels in Ohio, Indiana and Minnesota, filed claims for lost business income under its…

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