Liberty Mutual to acquire AmTrust’s global surety and credit reinsurance operations 

Liberty Mutual to acquire AmTrust’s global surety and credit reinsurance operations 

Liberty Mutual to acquire AmTrust’s global surety and credit reinsurance operations 

Liberty Mutual Insurance is to acquire the global surety and credit reinsurance operations of AmTrust Financial Services. Liberty Mutual has signed a definitive agreement with AmTrust, a multinational property and casualty insurer specialising in coverage for small to mid-sized businesses. It added that the agreement supports its goal of becoming a top three global commercial (re)insurer. Terms of the deal were not disclosed. Liberty Mutual will acquire four AmTrust businesses:…

Stable outlook for Italian and Spanish non-life insurance sectors, says Best

Stable outlook for Italian and Spanish non-life insurance sectors, says Best

Stable outlook for Italian and Spanish non-life insurance sectors, says Best

AM Best has maintained a stable market segment outlook on both the Italian and Spanish non-life insurance segments. In the case of the Italian market, Best said its outlook was supported by the continued expansion of the segment despite very low economic growth, together with the expectation that good operating results will be maintained, underpinned by sustained strong underwriting profitability.…

Mapfre Global Risks rating withdrawn after restructure

Mapfre Global Risks rating withdrawn after restructure

Mapfre Global Risks rating withdrawn after restructure

AM Best has withdrawn the financial strength rating of A (excellent) and the long-term issuer credit rating of A+ of Mapfre Global Risks, the corporate risk unit of Spanish insurance group Mapfre. The withdrawal follows the authorisation by Spain’s Ministry of Economy and Finance for the total spinoff of Mapfre GR in favour of Mapfre España, Compañía de Seguros y…

New York, London and Hong Kong are top three financial centres

New York, London and Hong Kong are top three financial centres

New York, London and Hong Kong are top three financial centres

New York is still the leading financial centre in the world, followed by London and Hong Kong, according to the 25th Global Financial Centres Index, published by Z/Yen Partners and the China Development Institute. According to the index, New York remains in first place, just seven points ahead of London, with Hong Kong four points behind London in third. Singapore…

Netherlands, Germany and UK record most GDPR breach notices

Netherlands, Germany and UK record most GDPR breach notices

Netherlands, Germany and UK record most GDPR breach notices

More than 59,000 personal data breaches have been reported across Europe since the introduction of the General Data Protection Regulation (GDPR), with the Netherlands, Germany and UK most affected, according to new analysis from DLA Piper. Despite this, only 91 GDPR fines have been imposed, but the law firm expects higher numbers in 2019…

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