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…

Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio, the London-based MGA formed though the merger of Ascent Underwriting, Cove Programs and broker Bay Risk Services in September of 2018, has announced the acquisition of specialist political violence and terrorism MGA Newbridge Risk Partners for an undisclosed sum. Newbridge was formed in 2015 on the Castel platform, the specialist operation formed by London market underwriting group Barbican in…

Business faces ‘tougher’ challenges in 2020 as political risk map reveals top threats

Business faces ‘tougher’ challenges in 2020 as political risk map reveals top threats

Business faces ‘tougher’ challenges in 2020 as political risk map reveals top threats

The top five political and security risks facing businesses in 2020 are “more acute” and threaten to have a greater impact next year, according to Control Risks’ RiskMap 2020. CEO of Control Risks Nick Allan said the top five risks are “eerily reminiscent” of those identified for business in 2019 but with greater potential force. “Control Risks expects a tougher…

Political risk damages confidence of UK financial services firms, finds CNA Hardy survey

Political risk damages confidence of UK financial services firms, finds CNA Hardy survey

Political risk damages confidence of UK financial services firms, finds CNA Hardy survey

Political risk is weighing on business confidence in the UK financial services sector, according to a survey by CNA Hardy that found 25% of respondents ranked it the number one threat in 2020 – almost double the figure in the same poll a year ago. Meanwhile, confidence levels among European financial services firms have risen this year and pulled away…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets (LSM) will continue its push into Europe and be a stable partner for risk managers through changing market conditions, according to Kerry McKay, head of distribution in Europe at LSM. LSM has grown significantly in Europe during the past three years, and will continue to expand steadily in the region, despite the retrenchment of some insurers in…

Do you, as a risk manager, know the key thing you are trying to protect?

Do you, as a risk manager, know the key thing you are trying to protect?

Do you, as a risk manager, know the key thing you are trying to protect?

As the world becomes more complex and change speeds up, risk managers will increasingly need to ensure their organisations are agile and they play their part in strategic decisions. This will mean big trade-offs and leaving some risks relatively unprotected, James Arroyo, director of the Ditchley Foundation, told delegates at the recent Airmic ERM Forum. Most importantly of all, it will…

Insurance market hardening into 1 January renewals

Insurance market hardening into 1 January renewals

Insurance market hardening into 1 January renewals

Insurance buyers in Europe face a hardening market in early 2020 renewals for many risks, but they are not looking at blanket increases across the board as was the case back in 2001/2002, according to brokers and risk management associations. The buyer representatives urged insurers to exercise caution and distinguish between good and bad risks, or they may sour long-term…

EU under threat without reform: Verhofstadt

EU under threat without reform: Verhofstadt

EU under threat without reform: Verhofstadt

The future of the European Union is at risk unless its institutions urgently reform, Guy Verhofstadt, former Belgium prime minister and EU parliament coordinator on Brexit, told Ferma Forum delegates. Delivering a keynote speech at the forum in Berlin, Mr Verhofstadt also bemoaned the EU’s slow response to key issues, such as the financial crisis, digitalisation and defense. He warned…

Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer Underwriters will close its Lloyd’s syndicate 1980 for the 2020 year of account, because the cost of capital is “no longer economically efficient”. The managing general agent (MGA) said Lloyd’s had approved its 2020 business plan that included a small increase in capacity, but since then it had concluded that the costs were simply too high. The syndicate closes…