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…

AXA XL appoints StarStone’s Bishop to UK downstream energy and power team

AXA XL appoints StarStone’s Bishop to UK downstream energy and power team

AXA XL appoints StarStone’s Bishop to UK downstream energy and power team

AXA XL Insurance has named StarStone’s Mathew Bishop as senior underwriter for downstream and power in the UK and Lloyd’s market. Mr Bishop, who was previously senior underwriter of onshore energy, power and utilities at StarStone, will be based in London. Nicola Harris, head of energy UK and Lloyd’s market at AXA XL Insurance, said: “I am delighted that Matt…

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…

Reinsurance renewal rate increases limited at 1 Jan: S&P

Reinsurance renewal rate increases limited at 1 Jan: S&P

Reinsurance renewal rate increases limited at 1 Jan: S&P

P&C reinsurance renewal rate increases were lower than expected at 1 January, as capital raised by reinsurers in 2020 bolstered cedants’ negotiating power and blunted hikes, according to a report by S&P Global Ratings. But reinsurers tightened terms and conditions during renewals, with communicable disease and silent cyber exclusions getting increased focus. Reinsurance pricing is trending higher and has been…

Insurtech premiums set to grow 123% by 2025

Insurtech premiums set to grow 123% by 2025

Insurtech premiums set to grow 123% by 2025

Insurtech platforms will more than double the amount of business they underwrite in the next five years to $556bn in 2025, from £250bn last year, according to Juniper Research. The company, which provides research and analytical services to the global hi-tech communications sector, says that such growth will increase the market share of insurtech business to 8% of global insurance…

Beazley launches digital business unit

Beazley launches digital business unit

Beazley launches digital business unit

Beazley has created a new digital business unit to house some of its existing platforms and develop new digital insurance solutions. Beazley Digital will be headed by Ian Fantozzi, currently Beazley’s chief operating officer, to work as a hub for the company’s technical innovation. A replacement will be appointed to fill Mr Fantozzi’s current role. Beazley said the new unit…

Time to dig deeper

Time to dig deeper

Time to dig deeper

Welcome to the first issue of Commercial Risk Europe – UK, the first of our monthly national newsletters dedicated to the information needs of our risk and insurance management readership across Europe and worldwide. Commercial Risk Europe was launched back in 2010 to provide the whole European risk and insurance management community with a dedicated central information source, to help…

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…

ABI urges UK businesses to buy cyber cover as risk perception soars

ABI urges UK businesses to buy cyber cover as risk perception soars

ABI urges UK businesses to buy cyber cover as risk perception soars

Huw Evans, director general of the Association of British Insurers (ABI), has urged UK businesses to ensure they are adequately insured against cyber risk, as a poll of members carried out at last week’s ABI annual conference found that cyber is identified as the number one systemic risk. Demand for cyber has risen in recent times among UK businesses, despite…

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,…

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