XL adds cyber cover to UK liability offering

XL adds cyber cover to UK liability offering

XL adds cyber cover to UK liability offering

XL Catlin is offering a coverage extension to its UK general liability product that provides cyber insurance for mid-sized and large companies that do not currently buy standalone cyber cover. The extension, in the form of an endorsement, covers key costs and liabilities associated with a data breach or cyberattack. Essentially, it adds first-party cyber and business interruption to UK…

World Cup cover runs to billions of dollars

World Cup cover runs to billions of dollars

World Cup cover runs to billions of dollars

There will be more than $2bn of event cancellation insurance in place to cover risks at the 2018 Fifa World Cup, with terrorism property protection estimated at $1bn and top players each insured for up to $200m, according to specialty insurer Beazley. The World Cup kicks off this month on June 14 in Moscow. While teams prepare ahead of the…

Rising employment claims set to drive EPLI demand

Rising employment claims set to drive EPLI demand

Rising employment claims set to drive EPLI demand

With the spotlight shining on corporate behaviour and gender pay, employment claims are rising, creating growing interest in employers’ practices liability insurance (EPLI). Recent months have seen an increasing number of employment-related risks, from sexual harassment claims in the entertainment and charities sectors, to gender pay reporting in the UK. From April this year, UK firms with more than 250…

Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Concerns over a lack of safeguards in the EC’s proposed pan-EU collective redress mechanism focus on the fact that the loser-pays principle and need for consent to be part of an action are missing, as well as fears that rules governing who can bring a class action will not preclude third-party litigation funders from delivering mass US-style litigation in Europe.…

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

SCOR has reorganised its growing SCOR Business Solutions (SBS) unit in a move it says will make the firm more relevant to customers, be easier for brokers to use and help deliver planned growth in the large global corporate primary market. The Paris-based group said that in line with its current strategic ‘Vision in Action’ plan, it is “enhancing the…

Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global commercial insurance rates have risen for the second consecutive quarter, up 0.9% on average, driven by increases in property business and finpro lines, according to Marsh. However, overall pricing continues to fall in continental Europe, even though the rate of decline slowed again, the broker’s global insurance market index shows. The rise in global commercial insurance pricing was driven by…

AGCS delivers underwriting profits as it expands in to specialty and North America

AGCS delivers underwriting profits as it expands in to specialty and North America

AGCS delivers underwriting profits as it expands in to specialty and North America

Allianz Global Corporate & Specialty (AGCS) posted a dramatically improved underwriting result, a decent increase in gross premiums and improved operating profit in the first quarter of this year compared with the first three months of 2017. The group also saw total revenues slightly up, an improved overall P&C combined ratio and higher net profits attributable to shareholders. The combined ratio…

HDI Global Specialty formed to focus on high growth and margin business

HDI Global Specialty formed to focus on high growth and margin business

HDI Global Specialty formed to focus on high growth and margin business

Talanx has decided to merge the primary specialty operations of its Hannover Re and HDI Global operations to create HDI Global Specialty, an international specialty insurer that will kick off with more than €1bn in premium income. HDI Global, along with the other leading industrial insurers, is struggling to deliver strong and profitable growth in core traditional European lines and…

EC’s collective redress proposals open door for US-style litigation, warns source

EC’s collective redress proposals open door for US-style litigation, warns source

EC’s collective redress proposals open door for US-style litigation, warns source

An insurance industry insider has added to the list of those concerned about the EC’s proposed collective redress system, claiming it fails to protect against third-party litigation funders bringing US-style class actions to this side of the Atlantic and lacks other key safeguards. The source was keen to stress that although collective redress can be useful in some instances, it…

Whistleblowing trend drives D&O concerns

Whistleblowing trend drives D&O concerns

Whistleblowing trend drives D&O concerns

With whistleblowing set to increase throughout Europe following plans recently announced by the EC, companies are advised to keep a close eye on proceedings and growing D&O risk. Recent years have seen regulators turn to whistleblowing to unveil corporate misconduct and wrongdoing, and aid investigations and prosecutions. This has seen more and more governments introduce whistleblowing protections – including France,…

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