AGCS appoints CUO for speciality business

AGCS appoints CUO for speciality business

AGCS appoints CUO for speciality business

Allianz Global Corporate & Specialty (AGCS) has appointed Henning Haagen as chief underwriting officer of specialty. Mr Haagen, who is currently regional head of specialty and northeast zone executive for AGCS North America, will take on the role from March 2020. AGCS said it will announce his replacement at a later date. Mr Haagen will relocate from New York to…

Iran conflict fears ease but foreign firms advised to prepare for the worst

Iran conflict fears ease but foreign firms advised to prepare for the worst

Iran conflict fears ease but foreign firms advised to prepare for the worst

Foreign companies are being advised to prepare for ongoing volatility in the Middle East, but the risk of a wider conflict involving Iran appears to have receded for now, according to political risk experts. However, insurance premiums will rise exponentially in marine and other lines for companies operating in the region, according to law firm DWF Recent weeks have seen dramatic…

UK P&I Club appoints senior loss prevention exec in Greece

UK P&I Club appoints senior loss prevention exec in Greece

UK P&I Club appoints senior loss prevention exec in Greece

The UK P&I Club has appointed Captain Kostas Karavasilis as senior loss prevention executive in its Greek office. Based at the firm’s Piraeus office in Greece, Captain Karavasilis joins the UK P&I Club from a local hull insurer, where he spent ten years as claims manager. Captain Karavasilis will report to Stuart Edmonston, loss prevention director at the P&I club,…

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

The Middle East crisis will see premiums rise exponentially in marine and other lines for companies operating in the region, according to law firm DWF. Jonathan Moss, head of marine and trade at DWF, said: “The latest chapter of turbulence in the Middle East will undoubtedly lead to insurers and reinsurers – particularly in lines such as hull, war, piracy,…

Lloyd’s risk syndication pilot launches with marine and casualty as test classes

Lloyd’s risk syndication pilot launches with marine and casualty as test classes

Lloyd’s risk syndication pilot launches with marine and casualty as test classes

Marine hull and international casualty binders will be the first classes to pilot the modernised syndication programme at Lloyd’s, one of the cornerstones of the Future at Lloyd’s blueprint to reform and modernise. The classes, selected by Lloyd’s and the Lloyd’s Market Association (LMA), will test new standards and an accreditation process for leaders and followers to ultimately simplify the…

Joint War Committee sees ‘no dramatic change’ in risk despite Iran’s threat of reprisals

Joint War Committee sees ‘no dramatic change’ in risk despite Iran’s threat of reprisals

Joint War Committee sees ‘no dramatic change’ in risk despite Iran’s threat of reprisals

The Joint War Committee (JWC), the body that comprises London market marine hull underwriting representatives, told Commercial Risk Europe that it sees no “dramatic change” to the risk exposure of shipping in the Gulf region despite rapidly escalating tensions between the US and Iran. Its statement follows the killing of Major General Qassim Suleimani, the leading figure in Iran’s foreign-facing intelligence and…

Neon to enter Lloyd’s run-off in 2020

Neon to enter Lloyd’s run-off in 2020

Neon to enter Lloyd’s run-off in 2020

Lloyd’s managing agency Neon Underwriting is being placed into run-off by its US owner American Financial Group (AFG). AFG said Neon has “failed to achieve” profitability objectives since it acquired the business as Marketform in 2008. In particular, AFG said Neon’s results prospects for 2019 and 2020 fall below its expectations. Marketform relaunched as Neon in 2016 with a book…

Swerma president urges insurers to boost innovation as market hardens

Swerma president urges insurers to boost innovation as market hardens

Swerma president urges insurers to boost innovation as market hardens

The president of Swedish risk management association Swerma has called on the insurance industry to improve product development and boost innovation, while encouraging risk managers to up their game as the market hardens. Swerma president Athina Pehrmantold CRE that innovative product development is the number one area in which risk managers would like insurers to improve and put in more…

IMO sulphur cap rules top 2020 maritime risk agenda, says UK P&I Club

IMO sulphur cap rules top 2020 maritime risk agenda, says UK P&I Club

IMO sulphur cap rules top 2020 maritime risk agenda, says UK P&I Club

New International Maritime Organization (IMO) regulations on fuel and emissions will create “unique challenges” for maritime operators in 2020, according to UK P&I Club’s Stuart Edmonston. Operators will need to comply with IMO 2020 rules that cap sulphur content used in fuel and come into force on 1 January. “From a loss-prevention perspective, the most obvious discussion point for 2020…

London market loses hold on marine market dominance

London market loses hold on marine market dominance

London market loses hold on marine market dominance

Europe is losing market share of global marine business to Asia, which is proving to be strong competition for the Lloyd’s and London market, according to a new statistical report by the International Union of Marine Insurance (IUMI). In 2018, marine premiums totalled $28.9bn, up just 1%, and European underwriters accounted for the majority of business at 46%, with Asian…

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