Peak Re launches first Asian reinsurance sidecar

Peak Re launches first Asian reinsurance sidecar

Peak Re launches first Asian reinsurance sidecar

Hong Kong-based reinsurer Peak Re has unveiled what it claims is the first reinsurance sidecar transaction in Asia, in news that underlines investor appetite for insurance-based risk as a source of alternative capital. The deal was made via newly formed and Bermuda-based special purpose insurer Lion Rock, which will provide collateralised retrocession for Peak Re’s global property reinsurance risk portfolio…

Liberty Specialty Markets names Bidard head of liability in France

Liberty Specialty Markets names Bidard head of liability in France

Liberty Specialty Markets names Bidard head of liability in France

Liberty Specialty Markets (LSM) has appointed Florence Bidard as head of liability for France with immediate effect. The move will help develop LSM’s general civil, professional civil and environmental liability books, the firm said. Ms Bidard will be based in Paris and report to Richard Deguettes, LSM’s general manager of France. Mr Deguettes said: “Our suite of liability solutions is…

O2 seeks £100m from Ericsson for business interruption: reports

O2 seeks £100m from Ericsson for business interruption: reports

O2 seeks £100m from Ericsson for business interruption: reports

UK mobile operator O2, owned by Spain’s Telefonica, is seeking up to £100m compensation from Swedish firm Ericsson for business interruption and supply chain failure caused by its software, according to media reports. O2 smartphone users were unable to use their mobile phone data last Thursday and Friday. Ericsson, which supplies software to O2 and other mobile network providers, blamed…

Insureds failing to make most of cyber insurance recovery services

Insureds failing to make most of cyber insurance recovery services

Insureds failing to make most of cyber insurance recovery services

Many insurance buyers with cyber policies are failing to make the most of value-added services that accompany the cover to help them recover from a loss, according to expert speakers at Commercial Risk Europe’s latest conference. During a panel debate on digital business interruption coverage at our supply chain risk management conference in London, James Tuplin, head of cyber and technology,…

Beazley extends cyber risk management portal to European clients

Beazley extends cyber risk management portal to European clients

Beazley extends cyber risk management portal to European clients

Beazley is rolling out its cyber and breach-response portal, previously available for US clients, to policyholders in the UK, France, Spain and Italy. Beazley’s client portal provides policyholders with risk management information and mitigation tools – including training materials, incident response planning and risk assessment options – to help firms prepare for a cyber incident or data breach. Clients can…

France sees rise in Q3 insolvencies with trend set for 2019: Coface

France sees rise in Q3 insolvencies with trend set for 2019: Coface

France sees rise in Q3 insolvencies with trend set for 2019: Coface

France has recorded a rise in insolvencies after two years of improvement, according to Coface, which expects the trend to continue into 2019. French companies saw a 2.3% rise in insolvencies in the third quarter of 2018 and Coface estimates a rise of 0.8% in 2019. From the beginning of the year to September, insolvencies fell by 4.5% in France…

Liberty Specialty Markets integrates Ironshore Bermuda operations under new brand

Liberty Specialty Markets integrates Ironshore Bermuda operations under new brand

Liberty Specialty Markets integrates Ironshore Bermuda operations under new brand

Liberty Mutual is integrating its Ironshore Bermuda businesses into a single brand and unit called Liberty Specialty Markets Bermuda, in a bid partly designed to offer clients a wider range of solutions. Ironshore in Bermuda previously comprised two businesses. These were: Ironshore Bermuda, which opened in 2007 writing, property, energy and specialty r(e)insurance; and Iron-Starr Excess Agency, which began in 2009…

AIR estimates Californian wildfire losses of up to $13bn

AIR estimates Californian wildfire losses of up to $13bn

AIR estimates Californian wildfire losses of up to $13bn

AIR estimates insured losses of between $6bn and $9bn for the Camp Fire in northern California, taking its total loss for the state’s two big November wildfires to between $9bn and $13bn. Meanwhile, Aon has said that insured US wildfire losses will exceed $10bn for the second year running. This may force insurers to rethink how they view the risk…

New tax for environmental policies in Spain

New tax for environmental policies in Spain

New tax for environmental policies in Spain

Spain is introducing a new tax for environmental policies, according to insurance premium tax specialists Impendulo. The new tax, representing 8% of the premiums of the policies, is applicable from 1 November 2018. The first declaration is on 20 December 2018. According to Impendulo, this will need to be reported to the Consorcio de Compensación de Seguros with the following…

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