Insurers expect rise in silent cyber losses, finds Willis Re survey

Insurers expect rise in silent cyber losses, finds Willis Re survey

Insurers expect rise in silent cyber losses, finds Willis Re survey

More insurers across the globe are expecting to report silent cyber losses across all lines of business except workers’ compensation in the next 12 months, according to a new survey by Willis Re. This year’s survey revealed that more than 60% of insurers believe they are likely to incur more than one silent cyber-related loss for every 100 non-cyber-covered losses…

Little or no sign of market-wide hardening in Nordics

Little or no sign of market-wide hardening in Nordics

Little or no sign of market-wide hardening in Nordics

Nordic risk and insurance managers see no sign of a general hardening in the commercial market and can get capacity for most of their risks, but there are some pockets where things are tricky for buyers. According to Tapio Huovinen, director of risk management at renewable wood biomass company UPM, there is still adequate capacity in the Nordic market. “It…

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Reinsurance is set to spend close to a billion dollars acquiring specialty insurer Chaucer from Hanover Insurance. The deal, which is still subject to shareholder and regulatory approval, is expected to close by early 2019. China Re will acquire Chaucer Insurance, Hannover Australia and Hannover Insurance International Holdings in return for $865m in cash and an $85m dividend to…

London market responds to silent cyber concerns

London market responds to silent cyber concerns

London market responds to silent cyber concerns

The London market is responding to regulatory pressure to clarify cyber cover under traditional insurance policies, with implications for buyers of specialty insurance that have seen an increasing number of exclusions written into contracts while being offered more extensions. In July 2017, the UK’s Prudential Regulation Authority (PRA) issued Supervisory Statement SS4/17 setting out its views on ‘silent cyber’ cover,…

Wijnants to join XL Catlin from Zurich as head of Benelux

Wijnants to join XL Catlin from Zurich as head of Benelux

Wijnants to join XL Catlin from Zurich as head of Benelux

Alain Wijnants has been appointed Benelux regional manager for XL Catlin’s insurance business. He will join the firm on 1 November from Zurich, where he currently serves as global head of management liability commercial. Mr Wijnants will replace Erik Hartkoren, who is retiring from XL Catlin after more than ten years of service. Manon Van der Meer – XL Catlin’s…

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