Smaller companies more likely to be impacted by insurer mergers, says Anra president

Smaller companies more likely to be impacted by insurer mergers, says Anra president

Smaller companies more likely to be impacted by insurer mergers, says Anra president

Small and medium-sized (SME) companies are most likely to be impacted by the recent swathe of mergers and acquisitions among insurers and brokers, according to Anra’s president. Alessandro De Felice, president of Italian risk management association Anra and chief risk officer at Prysmian Group, said recent consolidation in the insurance market “could impact the level of services offered and limit…

HSBC Bank (UK) Pension Scheme in £7bn longevity swap

HSBC Bank (UK) Pension Scheme in £7bn longevity swap

HSBC Bank (UK) Pension Scheme in £7bn longevity swap

A longevity swap has been announced involving the HSBC Bank (UK) Pension Scheme and Prudential Insurance Company of America (PICA). According to Aon, which advised HSBC in Bermuda on the deal, the £7bn longevity swap is the second-largest-ever deal of its type. The deal uses a captive solution with a HSBC-owned insurer in Bermuda, with PICA then reinsuring the transaction,…

Piracy attack off Cameroon coast heightens risk

Piracy attack off Cameroon coast heightens risk

Piracy attack off Cameroon coast heightens risk

Risk managers with shipping interests have been warned of the piracy risk off the west African coast. In the latest attack, pirates kidnapped eight crew members of general cargo ship MarMalaita during a raid off the coast of Cameroon, Hamburg-based manager MarConsult Schiffahrt reported. The company said: “It is with deep regret and great concern [that we] inform that our vessel…

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

The average total cost of risk (TCOR) for organisations in North America rose by nearly 2.1% in 2018 primarily due to rising insurance rates, according to RIMS. The increase reverses four years of falling costs. The 2019 RIMS Benchmark Survey, produced with Advisen, saw the average TCOR increase to $9.95 per $1,000 of revenue last year, from $9.75 in 2017.…

Premier League injuries and costs reach record levels

Premier League injuries and costs reach record levels

Premier League injuries and costs reach record levels

There were a record number of English Premier League injuries last year, since Marsh JLT stated tracking the data in 2012-2013, with the highest ever amount of money lost as new figures show which clubs were hardest hit. According to the Football Injury Index 2019 by Marsh JLT Specialty, the 20 English Premier League clubs suffered a total of 764…

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Mactavish said companies, including directors and officers, face a growing threat of being sued for failing to prepare for no-deal Brexit and warned many related insurance claims could be rejected. The insurance governance firm said companies face “major” liability risks over failing to adequately prepare for Brexit. Many investors, suppliers and other stakeholders will sue a company if it is…

New head of Marsh’s captive operation in Guernsey

New head of Marsh’s captive operation in Guernsey

New head of Marsh’s captive operation in Guernsey

Marsh has appointed a new head of its captive operation in Guernsey. Ian Drillot has joined Marsh as head of office, Marsh Captive Solutions, Guernsey. He was previously head of JLT’s Guernsey captive office, a position he held since 2014. He succeeds Stephen Hawkes, who is returning to the UK to take up a new role developing Marsh’s international captive…

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma has told the European Insurance and Occupational Pensions Authority (EIOPA) it is concerned about potential moves to introduce sustainability rules for captives under Solvency II, and urged the authorities to give such vehicles the benefit of proportionality and potential exemption from future changes to the regulation. Responding to EIOPA’s consultation on integrating sustainability within Solvency II, Ferma raised concerns…

Survey finds more needs to be done to tackle workplace stress

Survey finds more needs to be done to tackle workplace stress

Survey finds more needs to be done to tackle workplace stress

UK workplaces must do more to strengthen resilience in their staff to help in the fight against mental ill health, as 34% of employers acknowledge workplace stress is caused by the way their company operates, according to a survey by MetLife UK. Some 57% of employers said they have to increase focus on building staff resilience, while 40% said they…

Boeing expects $500m insurance payout as it delivers worst-ever quarterly loss

Boeing expects $500m insurance payout as it delivers worst-ever quarterly loss

Boeing expects $500m insurance payout as it delivers worst-ever quarterly loss

Boeing expects to claim $500m from insurers following the grounding of its 737 Max fleet and said it could halt production of the jet as the company reported its largest-ever quarterly loss of $3.4bn. Boeing’s second-quarter loss compares to a profit of $2.7bn in the same period last year, and is on the back of $15.8bn in revenue. Last week,…

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