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…

Axco report highlights dynamic political risk insurance market

Axco report highlights dynamic political risk insurance market

Axco report highlights dynamic political risk insurance market

The political risk insurance (PRI) market has become increasingly dynamic in recent years, with growing demand driven by protectionism, unrest, currency volatility and economic interventionism, according to a report on the PRI market by Axco Insurance Information Services. It says instability in emerging and advanced markets is rising due to an accumulation of risks. The market has grown in recent…

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…

Political violence insurance slow to take off in Zimbabwe despite protests

Political violence insurance slow to take off in Zimbabwe despite protests

Political violence insurance slow to take off in Zimbabwe despite protests

Persuading firms to buy political risk insurance in Zimbabwe has proved challenging, according to one leading insurer. Alice Shumba, executive director – operations at FBC Reinsurance, said: “We have been championing political violence insurance but there were no takers.” She said she was not sure whether it was a case of insureds and risk managers not fully understanding how the…

Political risks increase across Africa

Political risks increase across Africa

Political risks increase across Africa

Political risk is mostly increasing across Africa, according to the latest report from Gallaghers. In its quarterly outlook, it highlights seven Sub Saharan African countries where the threat of political risks is on the increase, compared to just three countries where the risk is declining. The riskier countries in July (compared to January) include Burkino Faso, Ivory Coast, Democratic Republic…

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s have collaborated to bring a new terrorism and political violence insurance product to multinational buyers. The companies said the new Platinum policy offers buyers “unprecedented” limits of up to $500m per policy on standalone terrorism coverage. Insureds can also add liability, non-damage business interruption and cyber cover. Aon said the policy will provide globally-admitted cover using…

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…

GDP at risk from geopolitical and security threats in leading cities up 16%

GDP at risk from geopolitical and security threats in leading cities up 16%

GDP at risk from geopolitical and security threats in leading cities up 16%

Annual GDP under threat from geopolitical and security risks to the world’s largest cities rose by 16% in the past year, according to research by the Centre for Risk Studies at the Cambridge Judge Business School. Its 2018 Global Risk Index, upon which the Lloyd’s City Risk Index published this week is based, the centre finds that interstate conflict, which…

Swiss Re’s latest SONAR report highlights emerging risks for insurers and society

Swiss Re’s latest SONAR report highlights emerging risks for insurers and society

Swiss Re’s latest SONAR report highlights emerging risks for insurers and society

The biggest emerging risks faced by the re/insurance industry and society include emerging geopolitical risks, the re-emergence of asbestos, and risks from new technologies such as cyber, biased algorithms and the erosion of risk diversification. This is according to Swiss Re’s 2018 SONAR report which features 18 emerging risk themes and seven emerging trend spotlights that the re/insurance industry needs…

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Political violence risk has increased worldwide for the third year in a row, while broader political risk is also up, according to analysis by Aon. The broker’s newly released 2018 political risk, terrorism and political violence risk maps also suggest that the global threat posed by Islamic State (IS) has peaked, with its reach likely to fall in 2018. Political…

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