UK risk managers advised to ensure captives are Brexit-proof as renewals loom

UK risk managers advised to ensure captives are Brexit-proof as renewals loom

UK risk managers advised to ensure captives are Brexit-proof as renewals loom

UK risk managers need to act fast to ensure their captives and global programmes are Brexit-proof ahead of the fast-looming autumn renewals, according to the London insurance team at consulting firm EY. UK risk management association Airmic yesterday held a Leadership Group Brexit Summit in London, during which EY associate partner Benedict Reid explained why risk managers need to include…

UK SMEs prioritise GDPR and cyber over Brexit: Zurich

UK SMEs prioritise GDPR and cyber over Brexit: Zurich

UK SMEs prioritise GDPR and cyber over Brexit: Zurich

Smaller UK businesses have pushed Brexit planning to the backburner as they struggle to comply with the General Data Protection Regulation (GDPR) and cyber threats, according to a Zurich survey. The poll of brokers’ dealings with small and medium-sized (SME) clients, revealed that 24% regularly ask them about GDPR compliance and 43% said they have recorded an increase in enquiries…

UK Government advises firms to prepare for data disruption in no-deal Brexit

UK Government advises firms to prepare for data disruption in no-deal Brexit

UK Government advises firms to prepare for data disruption in no-deal Brexit

A Brexit no-deal would obstruct the free flow of personal data from the European Union (EU) to the UK, the UK Government has warned, going on to urge its firms to proactively address potential disruptions. The European Commission (EC) has said it will not agree to put in place, or enter discussions over, arrangements that would allow the continued flow…

UK firms failing to grasp GDPR’s reporting deadlines, warns regulator

UK firms failing to grasp GDPR’s reporting deadlines, warns regulator

UK firms failing to grasp GDPR’s reporting deadlines, warns regulator

The UK data protection regulator has warned that some companies are “struggling” to fully understand that General Data Protection Regulation (GDPR) breaches must be reported within the first 72 hours. While the UK Government has warned that  a no-deal Brexit would obstruct the free flow of personal data from the European Union (EU) to the UK, going on to urge its firms to proactively address potential disruptions…

FM Global rolls out cyber risk review for clients

FM Global rolls out cyber risk review for clients

FM Global rolls out cyber risk review for clients

FM Global is launching a cyber risk assessment for its clients, helping buyers to measure their resilience to cybersecurity threats and account for cyber risk. The new service will also help policyholders assess mitigation measures and asses their organisations’ ability to respond and recover from a cyber incident. FM Global said its cyber risk assessment is the first comprehensive review…

Cyberattacks hit German manufacturers for €43bn

Cyberattacks hit German manufacturers for €43bn

Cyberattacks hit German manufacturers for €43bn

Cyberattacks have struck two thirds of German manufacturers, costing them €43bn, according to findings of a survey by IT association Bitkom reported by Reuters. The survey of more than 500 executives at manufacturing firms found that small and medium-sized companies were especially vulnerable to cyberattacks. Achim Berg of Bitkom said: “With its worldwide market leaders, German industry is particularly interesting…

Call for greater clarity on captives in OECD’s BEPS paper

Call for greater clarity on captives in OECD’s BEPS paper

Call for greater clarity on captives in OECD’s BEPS paper

Insurance Europe has called for greater clarity in the Organisation for Economic Co-operation and Development’s (OECD) paper on its Base Erosion and Profit Shifting (BEPS) initiative, to ensure that the guidance is correctly applied. In particular, Insurance Europe says the paper should differentiate more clearly between captive insurance transactions and other forms of (re)insurance, and between non-insurance multinational groups and…

The Carlyle Group becomes majority shareholder in Sedgwick for $6.7bn

The Carlyle Group becomes majority shareholder in Sedgwick for $6.7bn

The Carlyle Group becomes majority shareholder in Sedgwick for $6.7bn

Private equity firm The Carlyle Group has bought KKR’s majority share in Sedgwick for $6.7bn. The risk, benefits and claims company will retain Caisse de dépôt et placement du Québec, Stone Point Capital and Sedgwick management as minority shareholders. The move follows Sedgwick’s acquisition of loss adjuster Cunningham Lindsey earlier this year. The Carlyle Group also bought almost 20% of…

New UK corporate governance code provides impetus for risk managers in the digital age, say IRM & Airmic

New UK corporate governance code provides impetus for risk managers in the digital age, say IRM & Airmic

New UK corporate governance code provides impetus for risk managers in the digital age, say IRM & Airmic

Although the new UK Corporate Governance Code delivers bigger changes elsewhere, its risk updates were welcomed by the Institute of Risk Management (IRM) and Airmic, that believe the new version will provide greater impetus for members and help manage risk in the digital age. The UK recently published its new Corporate Governance Code with updates focused on ensuring boards develop…

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