Leading US property-casualty insurance associations merge

Leading US property-casualty insurance associations merge

Leading US property-casualty insurance associations merge

The American Insurance Association (AIA) and the US Property Casualty Insurers Association (PCI) have merged with effect from 1 January 2019. The combined trade association will be known as the American Property Casualty Insurance Association (APCI) and will represent nearly 60% of the US property-casualty insurance market. The APCI said the new organisation “will be well positioned to tackle an…

New insurers and reinsurer formed in North Korea

New insurers and reinsurer formed in North Korea

New insurers and reinsurer formed in North Korea

North Korea has established a number of insurance and reinsurance companies in the past few years, according to the Korea Times, which experts in the publication describe as a “gradual yet firm move toward an open market economy”. The re/insurance companies recently appeared on Naenara, North Korea’s state-run web portal, promoting their services. The web portal revealed that Future Re…

DAC Beachcroft opens French office

DAC Beachcroft opens French office

DAC Beachcroft opens French office

International law firm DAC Beachcroft has opened its first office in France. The new office will be based in Paris, and will be led by partners Vladimir Rostan d’Ancezune and Christophe Wucher North. The Parisian team will focus on both the global and domestic insurance and industrial risks sector. DAC Beachcroft said Mr d’Ancezune and Mr North have extensive experience…

Arch completes UK commercial lines acquisition

Arch completes UK commercial lines acquisition

Arch completes UK commercial lines acquisition

Arch Insurance Europe has completed the acquisition of the UK commercial lines business owned by The Ardonagh Group and part of its Geo Underwriting operating segment. The acquired business will become the newly formed Arch UK regional division. Arch said the move forms part of its strategy to grow its regional UK presence and the division will have a meaningful…

IAG increases its 2019 catastrophe cover

IAG increases its 2019 catastrophe cover

IAG increases its 2019 catastrophe cover

Australian insurance group IAG has finalised its catastrophe reinsurance programme for the 2019 calendar year, with a programme that provides increased gross reinsurance protection of up to AUD9bn, compared with AUD8bn in 2018. Consistent with last year, the programme has been placed to the extent of 67.5% to reflect the cumulative whole-of-account quota share position of 32.5%. This comprises the…

Generali increases stakes in Indian joint ventures

Generali increases stakes in Indian joint ventures

Generali increases stakes in Indian joint ventures

Generali Group has increased its stake in its Future Generali insurance joint ventures in India from 25.5% to 49%. The transaction, which was announced last summer, has now been closed. Generali’s presence in India is currently in the form of two joint ventures called Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited (Non-Life insurance).…

January reinsurance renewals reveal pricing gap, says Willis Re

January reinsurance renewals reveal pricing gap, says Willis Re

January reinsurance renewals reveal pricing gap, says Willis Re

The January reinsurance renewals have seen a growing emphasis on the quality of client counterparties, according to Willis Re. The reinsurance broker said the renewals had revealed a pricing gap between accounts with poor loss records or peak peril exposures, and other accounts. It added that some primary lines are seeing significantly larger rate increases than treaty reinsurance business. “A…

Bermuda Monetary Authority releases report on islands’ captive market

Bermuda Monetary Authority releases report on islands’ captive market

Bermuda Monetary Authority releases report on islands’ captive market

A report on Bermuda’s captive market by the Bermuda Monetary Authority (BMA) has revealed that two thirds of captives originate from North America, and two thirds are ‘pure’ captives. Financial institutions continue to be the most significant industry of parent companies (16%), followed by shipping, transport and storage (12%), automotive, manufacturing and retail (11%), and healthcare (10%). The second annual…

UK directors exposed to no-deal Brexit risk legal actions over lack of preparation

UK directors exposed to no-deal Brexit risk legal actions over lack of preparation

UK directors exposed to no-deal Brexit risk legal actions over lack of preparation

UK company directors have “massively overlooked” liability risks as a result of failing to prepare adequately for Brexit, leaving them personally exposed to legal actions, according to insurance governance specialist Mactavish. It said the directors of virtually every listed UK company are legally exposed, especially if there is a no-deal outcome, because of traditional limitations applied to directors and officers (D&O) insurance cover…