US firms Travelers and Berkley report rising insurance rate increases

US firms Travelers and Berkley report rising insurance rate increases

US firms Travelers and Berkley report rising insurance rate increases

US insurers Travelers and WR Berkley said rate increases are rising as they delivered solid second-quarter and half-year results. Travelers saw net income rise 6% in the second quarter to $557m. It was up 13% to $1.35bn for the first half of the year. The company’s combined ratio stood at 98.4% in Q2, from 98.1% in the same period of…

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Two further torpedo attacks on oil tankers in the Gulf of Oman that left one vessel ablaze and both adrift are likely to drive insurance rates up and persuade marine and energy insurers to tighten conditions, according to international law firm DWF. The likely total value of goods involved in the latest attacks is about $65m, according to risk management…

Business risks rocked by political uncertainty: PwC CEO survey

Business risks rocked by political uncertainty: PwC CEO survey

Business risks rocked by political uncertainty: PwC CEO survey

Government-related threats, led by overregulation, are dominating the top ten risk list for CEOs, with policy uncertainty and trade conflicts two new issues entering the list, at number two and four respectively, according to PwC’s 22nd Annual Global CEO Survey. Political uncertainty and concerns over trade have pushed risks such as terrorism and climate change out of the top ten…

Rising concern over geopolitical risks and growing interest in transfer option

Rising concern over geopolitical risks and growing interest in transfer option

Rising concern over geopolitical risks and growing interest in transfer option

As geopolitical risks fly up the risk management agenda, Willis Towers Watson has found lively interest in its new suite of geopolitical risk services and products based on a partnership with Oxford Analytica. Geopolitical risks are an increasing threat as companies wake up to the serious impact political volatility can have upon their business in the global, integrated economy. Willis…

Dutch risk managers warn colleagues to prepare for sustained hard market

Dutch risk managers warn colleagues to prepare for sustained hard market

Dutch risk managers warn colleagues to prepare for sustained hard market

Leading Dutch risk managers have warned fellow risk and insurance managers across Europe that, in their view, the commercial market is definitely hardening and is likely to continue. There is also rising concern about the appetite of the leading insurers for global programmes business. The risk managers said the best response to the hardening market is to continue in the…

Willis Towers Watson launches $1bn PRI facility

Willis Towers Watson launches $1bn PRI facility

Willis Towers Watson launches $1bn PRI facility

Willis Towers Watson has launched a political risk insurance programme supported by more than $1bn of market capacity. The new programme targets large global clients that may have existing assets or are considering future investments overseas. The programme is supported by a bespoke modelling and analytical tool called VAPOR (Value at Political Risk), which was developed in partnership with Oxford…

Willis joins programme to boost resilience to geopolitical risks

Willis joins programme to boost resilience to geopolitical risks

Willis joins programme to boost resilience to geopolitical risks

Willis Towers Watson has joined the Royal United Services Institute’s (RUSI) Modern Deterrence Programme, which aims to increase resilience to geopolitical instability in western societies. The programme brings together governments, the private sector and civic society to tackle the changing nature of geopolitical threats. The Willis Research Network will engage with the four-year-long RUSI programme, supporting the platform and research…

Liberty Mutual to acquire AmTrust’s global surety and credit reinsurance operations 

Liberty Mutual to acquire AmTrust’s global surety and credit reinsurance operations 

Liberty Mutual to acquire AmTrust’s global surety and credit reinsurance operations 

Liberty Mutual Insurance is to acquire the global surety and credit reinsurance operations of AmTrust Financial Services. Liberty Mutual has signed a definitive agreement with AmTrust, a multinational property and casualty insurer specialising in coverage for small to mid-sized businesses. It added that the agreement supports its goal of becoming a top three global commercial (re)insurer. Terms of the deal were not disclosed. Liberty Mutual will acquire four AmTrust businesses:…

Political risk continues to climb the agenda, but  where are the risk managers?

Political risk continues to climb the agenda, but where are the risk managers?

Political risk continues to climb the agenda, but  where are the risk managers?

Whenever we carry out discussions with risk managers as part of our annual European Risk Frontiers survey, the inevitable first question is often: so, what are the big risks that keep you and your bosses awake at night? Having tackled that big question, the next natural question is: so, what is the most effective way to identify, measure and manage…

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