BGC Insurance takes on aviation brokers with new launch

BGC Insurance takes on aviation brokers with new launch

BGC Insurance takes on aviation brokers with new launch

BGC Insurance Group, part of global brokerage BGC Partners, has launched a specialist global aviation and aerospace insurance and reinsurance brokerage to take on the big three market players. Marcel Chad has joined from JLT Aerospace, where he was a partner, to head up the new business. BGC Insurance said its client-focused approach and use of advanced technology to keep…

Risk managers looking for cross-class innovation from insurers

Risk managers looking for cross-class innovation from insurers

Risk managers looking for cross-class innovation from insurers

Risk managers are looking to insurers for innovative products at an enterprise level, but still face an industry often stuck in line-of-business silos, according to Julia Graham, technical director and deputy CEO of Airmic, speaking at Commercial Risk’s ‘Global Programmes Consistency and Certainty 2019’ conference in London. She was asked how risk managers choose their insurer when setting up a…

Cyber premiums in US growing but at a lower pace, says Aon report

Cyber premiums in US growing but at a lower pace, says Aon report

Cyber premiums in US growing but at a lower pace, says Aon report

Cyber premiums for US insurers have more than doubled in the last four years, from $993m in 2015 to more than $2bn in 2018, according to Aon’s latest US Cyber Market Update. The report states that cyber insurance has been profitable for the large majority of insurers, in spite of the industry seeing cyber catastrophe losses from NotPetya in 2017,…

AGCS announces new global leadership roles for aviation and marine

AGCS announces new global leadership roles for aviation and marine

AGCS announces new global leadership roles for aviation and marine

Allianz Global Corporate & Specialty SE (AGCS) has appointed Tom Fadden as AGCS global head of aviation, with immediate effect. On 1 July 2019, Ulrich Kadow will be appointed as AGCS global head of marine. Both will report directly to chief underwriting officer specialty Paul O’Neill, who will directly oversee the energy line of business on an interim basis. Mr…

The curious contradiction of M&A risk transfer

The curious contradiction of M&A risk transfer

The curious contradiction of M&A risk transfer

Mary Duffy, global head of M&A insurance at AIG, explains why it pays for risk managers to be front and centre during an acquisition or divestiture. Risk and insurance managers are central to placing international programmes, managing relationships with insurance and broking partners and coordinating the claims process. But it is a curious contradiction that the same is often not…

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

The Federation of Indian Chambers of Commerce and Industry (FICCI) has advised the Indian government to raise the ceiling on foreign direct investments (FDI) in the insurance sector, to attract overseas investments. The Insurance Laws (Amendment Bill) 2015 raised the cap on total foreign investment in the insurance sector from 26% to 49%. This cap includes all forms of foreign…

Insurers say US-led market hardening is accelerating

Insurers say US-led market hardening is accelerating

Insurers say US-led market hardening is accelerating

Corporate risk and insurance managers must steel themselves because the commercial insurance market is hardening across multiple lines and geographies, particularly the US, and at an accelerating rate, according to leading insurers. To make matters worse, some of the leading carriers, particularly in Europe, are prepared to take tough decisions and pull further capacity after a sustained period of ugly…

Reinsurers well prepared for near-normal Atlantic hurricane season, says Moody’s

Reinsurers well prepared for near-normal Atlantic hurricane season, says Moody’s

Reinsurers well prepared for near-normal Atlantic hurricane season, says Moody’s

Reinsurers are well capitalised ahead of the 2019 Atlantic hurricane season, according to Moody’s Investors Service, after leading weather organisations confirmed that this year’s season will be near historical averages for the Atlantic Basin. An average or near-normal season produces ten to 15 named storms, four to nine hurricanes, and one to four major hurricanes, according to the National Oceanic…

Insurance market urged to agree interpretations of global insurance regs to end buyer frustration

Insurance market urged to agree interpretations of global insurance regs to end buyer frustration

Insurance market urged to agree interpretations of global insurance regs to end buyer frustration

Marsh’s Praveen Sharma has called on the London insurance market to come together and agree on interpretations of insurance regulations around the world to drive consistency in global programmes. Speaking at Commercial Risk’s ‘Global Programmes Consistency and Certainty 2019’ conference in London, Mr Sharma said this is needed to end buyer frustration and could be acheived through market bodies to…

Berkshire Hathaway Specialty opens France office

Berkshire Hathaway Specialty opens France office

Berkshire Hathaway Specialty opens France office

Berkshire Hathaway Specialty Insurance (BHSI) has established a new office in Paris after receiving its insurance licence in France. BHSI has appointed François-Xavier d’Huart as country manager. BHSI will underwrite property, casualty, and executive and professional lines in France with immediate effect. The company said it expects to launch several other products in the months ahead. “We are pleased to continue…