Retention strategies crucial as market hardens, hears AGERS congress

Retention strategies crucial as market hardens, hears AGERS congress

Retention strategies crucial as market hardens, hears AGERS congress

Companies must focus on risk retention strategies, through captives or higher deductibles, to mitigate the effects of what is now a hardening market, according to Alfredo Arán, general director of global business and brokers at Mapfre Iberia, who was speaking at AGERS’ recent annual congress in Madrid. He also said changing market conditions mean it is important for risk managers…

IGREA names Daniel San Millán president

IGREA names Daniel San Millán president

IGREA names Daniel San Millán president

Spanish risk management association IGREA has chosen Daniel San Millán as its president for the next three years. It will be Mr San Millán’s second spell in the role, after previously holding the position for two terms from 2009. He succeeds Augusto Pérez, director of risk and insurance at Telefónica, who has been the president of IGREA since 2016. Mr…

US April storm season hits new record, exposes protection gap

US April storm season hits new record, exposes protection gap

US April storm season hits new record, exposes protection gap

Storms in the US set a new record for April – one of the busiest storm months of the year – with almost 250 tornadoes touching down in the country last month; the highest number in April since 2011, according to Aon. Publishing its Global Catastrophe Report for April, Aon said the storms added to multibillion-dollar losses in the US.…

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…

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