Cybersecurity: Setting the tone at the top

Cybersecurity: Setting the tone at the top

Cybersecurity: Setting the tone at the top

An organisation’s approach to cybersecurity must be embedded within its overall approach to enterprise risk management, with boards responsible for enabling the right culture and frameworks, explain Sebastian Hess and Stephen Morton. Companies and their boards are faced with a highly dynamic cyber risk landscape, including more targeted ransomware threats and, more recently, exposures associated with increased remote working. The…

International public companies and US securities class actions – a hidden risk?

International public companies and US securities class actions – a hidden risk?

International public companies and US securities class actions – a hidden risk?

D&O liability exposures faced by internationally listed companies outside the US have increased during the past few years, and will continue to do so in the current environment. Much of this is related to the severity of securities class actions. In this article, we explore an area of emerging risk within securities class actions for companies and Boards: American Depository…

Financial Interest Clauses – recent developments affecting multinational insurance programmes

Financial Interest Clauses – recent developments affecting multinational insurance programmes

Financial Interest Clauses – recent developments affecting multinational insurance programmes

International Programme News: We understand that a recent tax decision in India addressed Financial Interest Clauses (FICs) in multinational insurance programmes. Can you summarise what happened in that case? David Halperin: The sportswear manufacturer Adidas suffered a fire at its warehouse in India in 2009, for which both its German parent (Adidas Germany) and Indian subsidiary (Adidas India) received insurance…

Best practice for Belt and Road megaprojects

Best practice for Belt and Road megaprojects

Best practice for Belt and Road megaprojects

The Belt and Road’s major infrastructure and energy projects stand to benefit from the support of risk and insurance partners during the lifecycle of a project, explains Brian Botkin, global head of multinational, global financial lines, AIG. China’s Belt and Road Initiative (BRI) continues to attract international attention and grab headlines. Determining exact figures for the vast macroeconomic initiative is…

Closing the protection gap

Closing the protection gap

Closing the protection gap

A more complex and interconnected global risk landscape is presenting businesses with new and emerging exposures. As companies expand into new or developing markets or alter their supply chains, sourcing goods and services overseas, a whole new plethora of risks opens before them and its understanding and mitigation is crucial for their success. For example, environmental risks remain a key…

AIG appoints new global head of multinational

AIG appoints new global head of multinational

AIG appoints new global head of multinational

AIG has appointed Allison Barrett as global head of multinational, general insurance. She is to join AIG on 9 December and will be based in New York. AIG said that in this new role, Ms Barrett “will drive the execution of general insurance’s multinational strategic plan and lead the worldwide delivery of the company’s multinational expertise and capabilities across product…

Two new senior leaders in AIG’s global specialty business

Two new senior leaders in AIG’s global specialty business

Two new senior leaders in AIG’s global specialty business

American International Group (AIG) has appointed two senior leaders in its global specialty business. Steve Eccles will join AIG as global head of aerospace, general insurance. James Langdon will join AIG as UK head of energy and construction, general insurance. According to AIG, Mr Eccles will be responsible for setting and driving business strategy for global aerospace and ensuring underwriting…

Cyber: A threat without borders

Cyber: A threat without borders

Cyber: A threat without borders

Most cyber attacks are multinational and show little regard for borders. As a result, cyber risk transfer is ideally suited to a multinational programme, explains Mark Camillo, head of cyber, AIG. The WannaCry ransomware attack was unprecedented in its scale when it spread around the world in 2017. It is estimated that around 200,000 computers were infected across 150 countries,…

AM Best affirms AIG’s ratings but warns improvement needed in general insurance

AM Best affirms AIG’s ratings but warns improvement needed in general insurance

AM Best affirms AIG’s ratings but warns improvement needed in general insurance

AM Best has affirmed the ratings of AIG and most of its subsidiaries with a stable lookout, but warned that failure to make improvements in general insurance could cause negative rating action. The ratings agency has affirmed AIG’s ‘bbb’ long-term issuer credit rating (ICR) and its A financial strength ratings. It has also affirmed the ‘a’ long-term ICRs of most…

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