GDPR has created regulatory patchwork in Europe: Beazley

GDPR has created regulatory patchwork in Europe: Beazley

GDPR has created regulatory patchwork in Europe: Beazley

Europe’s data protection regulators have shown wide differences in General Data Protection Regulation (GDPR) fines and been inconsistent in dealing with cyber incidents, according to analysis from Beazley. In its latest Breach Insights article, Beazley says there has been little consistency so far even though the same rules apply across Europe. Beazley notes that although GDPR regulatory activity has picked up,…

Mapfre Global Risks posts loss and 123.5% combined ratio as losses take toll

Mapfre Global Risks posts loss and 123.5% combined ratio as losses take toll

Mapfre Global Risks posts loss and 123.5% combined ratio as losses take toll

Mapfre Global Risks, the Spanish insurance group’s operation dedicated to the large-corporate market, posted a loss of €19.2m in 2019 and a combined ratio of 123.5% as several big losses took their toll. But its parent group posted a healthy set of results. Mapfre Global Risks’ combined ratio rose by 31.5 percentage points during 2018. Its 2019 loss follows a…

Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Chinese liquid natural gas (LNG) importer, CNOOC Group, has invoked force majeure to cancel contracts without liability meaning it won’t take delivery of some LNG cargoes as a result of the coronavirus epidemic, according to Rob Patterson and Myles Mantle, London partners at law firm Haynes and Boone. They said: “This is among the first known cases of this rare…

European D&O market hardening set for 2020 as companies struggle to complete programmes

European D&O market hardening set for 2020 as companies struggle to complete programmes

European D&O market hardening set for 2020 as companies struggle to complete programmes

The European D&O market has hardened throughout the year with some companies now struggling to find capacity for large or difficult risks, according to Elke Vagenende, head of western Europe for FINEX at Willis Towers Watson (WTW) who expects this trend to continue throughout 2020. This could lead to budget problems for any risk managers that have not yet taken…

M&A insurance take-up resilient despite fall in EMEA deals: Aon

M&A insurance take-up resilient despite fall in EMEA deals: Aon

M&A insurance take-up resilient despite fall in EMEA deals: Aon

The value of mergers and acquisitions (M&A) in the EMEA region fell during the first half of this year, yet Aon said insurance bought to cover these transactions has remained resilient. Despite this, the broker has challenged the insurance market to develop more innovative solutions. In a new report with Mergermarket, Aon said 3,962 M&As were reported in the EMEA…

Beazley boosts Spanish underwriting team

Beazley boosts Spanish underwriting team

Beazley boosts Spanish underwriting team

Specialist underwriter Beazley has appointed Gabriel Rodriguez as senior specialty lines underwriter in Spain. Mr Rodriguez will join the team on e-trading platform myBeazley, led by Francisco Antonio Alcaide, as it rolls out to the Spanish market with professional liability, D&O liability and cyber cover. Mr Rodriguez joins Beazley from Markel, where he was senior underwriter. Lorena Segovia, head of…

Risk managers need to think long and hard about coal-supporting insurers

Risk managers need to think long and hard about coal-supporting insurers

Risk managers need to think long and hard about coal-supporting insurers

US and Asian insurers including AIG and MS&AD are coming under increased pressure to play their role in the fight against climate change by directing their investments away from climate-damaging sectors and backing away from underwriting industries such as coal. As the United Nations met in Madrid for its COP 25 Climate Change Conference and leading Spanish insurer Mapfre promised…

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…

Keep the market on its toes but value relationships

Keep the market on its toes but value relationships

Keep the market on its toes but value relationships

The option to change insurance providers is important to keep both insurers and brokers on their toes as tenders become more aggressive during a hardening market, Spanish risk managers said. But they also urged companies to value long-term relationships that can prove particularly useful when a difficult claim hits. Daniel San Millán, president of Spanish risk management association Igrea and…

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