Many companies ‘not ready’ for most serious corporate risks: survey

Many companies ‘not ready’ for most serious corporate risks: survey

Many companies ‘not ready’ for most serious corporate risks: survey

A clear majority of board directors and general counsels (GCs) agree corporate risk has increased significantly in the past two to three years, and 30% fear their business is not prepared to tackle the most serious issues, according to a new report from Clyde & Co and Winmark. The report is based on a survey and compares views of risk…

VW and former CEO hit with new US dieselgate lawsuit

VW and former CEO hit with new US dieselgate lawsuit

VW and former CEO hit with new US dieselgate lawsuit

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…

Edgar Puls to take over from Christian Hinsch at HDI Global

Edgar Puls to take over from Christian Hinsch at HDI Global

Edgar Puls to take over from Christian Hinsch at HDI Global

Christian Hinsch will step down from his role as CEO of HDI Global, the industrial lines insurer of Talanx group, after its AGM on 9 May and will be replaced by Edgar Puls. Mr Puls is currently in charge of HDI Global’s property, engineering, marine, multi-risk and European division. Talanx said the move completes a “generational renewal” at board level.…

Building cyber resilience

Building cyber resilience

Building cyber resilience

Cyberspace has become a dangerous source of crime and disruption. Data breaches are increasing both in terms of size and frequency, and companies need to rethink their risk strategies, especially when it comes to cybersecurity and insurance protection. Businesses can no longer simply rely on existing traditional insurance coverages such as general liability or property, and should be looking at…

IRM plans to kick-start cyber risk management skills

IRM plans to kick-start cyber risk management skills

IRM plans to kick-start cyber risk management skills

The Institute of Risk Management (IRM) wants to “kick-start” risk manager skills for the digital age with a relaunched cyber group and new digital risk management certificate. The Cyber Risk Special Interest Group, which held its inaugural meeting last month, will initially focus on cyber risk in the context of enterprise risk management (ERM). The group, which meets again in…

Storm Eberhard insured losses up to €1.5bn: AIR

Storm Eberhard insured losses up to €1.5bn: AIR

Storm Eberhard insured losses up to €1.5bn: AIR

Insured losses from winter Storm Eberhard will range between €900m and €1.5bn, with the majority coming in Germany, according to AIR Worldwide. AIR’s loss estimate includes property damage and business interruption. Eberhard first struck the UK, the Netherlands and Belgium on 9 March. It then moved onto Germany before heading further east to Austria, the Czech Republic and Poland. The…

Bermuda added as EU tax haven, but government says listing is ‘temporary’

Bermuda added as EU tax haven, but government says listing is ‘temporary’

Bermuda added as EU tax haven, but government says listing is ‘temporary’

Bermuda has been added to a European Union list of “non-cooperative” jurisdictions, although the Bermuda Government insists that the listing will be temporary, and was due to a technical omission in its submission to the EU. The Council of the European Union adopted a revised EU list of non-cooperative jurisdictions for tax purposes. In addition to the five jurisdictions that…

Hamilton to buy Pembroke and Ironshore Europe DAC

Hamilton to buy Pembroke and Ironshore Europe DAC

Hamilton to buy Pembroke and Ironshore Europe DAC

Hamilton Insurance Group has signed a definitive agreement with Liberty Mutual Group to acquire the Pembroke Managing Agency platform at Lloyd’s and Dublin-based Ironshore Europe DAC (IEDAC). Hamilton is the Bermuda-based holding company for insurance and reinsurance operations in Bermuda and at Lloyd’s. According to Hamilton: “The complementary profile of Pembroke and IEDAC’s business both accelerates the company’s goal of…

Generali reports strong 2018 results but GC&C hit by big claims

Generali reports strong 2018 results but GC&C hit by big claims

Generali reports strong 2018 results but GC&C hit by big claims

Generali has delivered a strong set of 2018 results and group CEO Philippe Donnet was pleased to reveal that the Italy-based international insurance group has exceeded all targets in its 2015 to 2018 strategic plan. The only real blackspot on the figures was delivered by the group’s corporate insurance arm – Generali Corporate & Commercial (GC&C). It was hit by…

Zurich Australia launches M&A underwriting agency

Zurich Australia launches M&A underwriting agency

Zurich Australia launches M&A underwriting agency

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…