Broker Ed, which is in the midst of acquisition by BGC Partners, is to set up a new broking platform in Bermuda. The firm is seeking approval from the Bermuda Monetary Authority for the Bermudan hub, which will be developed and led by Chris Bonard, currently president and CEO, group production at Ed Broking. Steve Hearn, group CEO of Ed…
More and more mid-market companies across Europe are expanding overseas in one form or another. This might be a company that has a sales office in the US, or manufacturing in China, or simply a company looking to export more. It can be a company with just one location abroad, or five or six locations, or more. It is a…
Alternative capital (AC) will continue to grow and curb the volatility of the overall reinsurance underwriting cycle, according to a new report from Swiss Re Institute. In its Economic Insights: Alternative capital set to grow for peak risks study, Swiss Re notes that AC proved to be a reliable source of capacity during the active 2017 natural catastrophe season, but…
Rising claims inflation and increasing competition mean that profit margins are under pressure for the global property and casualty (P&C) insurance sector, according to Moody’s Investors Service, However, the ratings agency said the outlook for the global P&C sector is stable, reflecting insurers’ disciplined underwriting standards and strong capital levels. Moody’s said profitability is supported by sustained underwriting discipline and…
The International Association of Insurance Supervisors (IAIS) has announced a number of changes designed to ensure representation from the major insurance markets, and the views of non-supervisory members of the IAIS. The recent annual general meeting of the IAIS approved certain bylaw changes recommended by the executive committee, including the introduction of voting members of the executive committee that represent…
Liberty Mutual is integrating its Ironshore Bermuda businesses into a single brand and unit called Liberty Specialty Markets Bermuda, in a bid partly designed to offer clients a wider range of solutions. Ironshore in Bermuda previously comprised two businesses. These were: Ironshore Bermuda, which opened in 2007 writing, property, energy and specialty r(e)insurance; and Iron-Starr Excess Agency, which began in 2009…
Spain is introducing a new tax for environmental policies, according to insurance premium tax specialists Impendulo. The new tax, representing 8% of the premiums of the policies, is applicable from 1 November 2018. The first declaration is on 20 December 2018. According to Impendulo, this will need to be reported to the Consorcio de Compensación de Seguros with the following…
Brokerslink CEO Jacqueline Legrand has resigned with immediate effect…
AIG currently expects fourth-quarter pre-tax cat losses of between $750m and $800m, but said its general insurance business will enter 2019 with a slight underwriting profit…
Major digital and data developments in the global employee benefits industry will deliver tangible cost savings and improve engagement, according to MAXIS Global Benefits Network (GBN). These developments include employee benefits management platforms, data analytics dashboards and healthcare and insurance technology. In a new report, MAXIS GBN Global Perspectives – Data and Digital Innovation and The Future of Global Employee…