Beazley includes latest cyber threats in updated policy for large firms

Beazley includes latest cyber threats in updated policy for large firms

Beazley includes latest cyber threats in updated policy for large firms

Beazley has revamped its cyber policy for large businesses to cover the latest threats of cyberattack, in a bid to keep pace with the ever-changing methods of cybercriminals. Beazley said the new offering is an enhanced version of its InfoSec policy. InfoSec was first launched in 2006 to address third-party exposures from loss of customers’ personal data, but now covers…

UK trade credit claims hit record Q1 high on back of Carillion fallout: ABI

UK trade credit claims hit record Q1 high on back of Carillion fallout: ABI

UK trade credit claims hit record Q1 high on back of Carillion fallout: ABI

The UK has seen its highest level of trade credit insurance claims since 2009 with the £54m paid out in the first quarter of this year the largest of any quarter on record, according to the Association of British Insurers (ABI). The number of claims made by UK firms to cover non-payment of debt was up 50% on the previous…

Loss ratios rising in engineering and construction market, reports Swiss Re

Loss ratios rising in engineering and construction market, reports Swiss Re

Loss ratios rising in engineering and construction market, reports Swiss Re

Underwriting performance in the engineering and construction insurance sector has deteriorated in recent times with loss ratios and claims rising in some sectors because of lower quality control, according to Swiss Re’s latest Sigma report. Some underwriters in the market see signs of a hardening or at least flattening of terms. QBE’s Andy Kane, construction portfolio manager in London, told…

XL adds cyber cover to UK liability offering

XL adds cyber cover to UK liability offering

XL adds cyber cover to UK liability offering

XL Catlin is offering a coverage extension to its UK general liability product that provides cyber insurance for mid-sized and large companies that do not currently buy standalone cyber cover. The extension, in the form of an endorsement, covers key costs and liabilities associated with a data breach or cyberattack. Essentially, it adds first-party cyber and business interruption to UK…

Supply chain risks spike 30% last year in vulnerable auto sector: JLT

Supply chain risks spike 30% last year in vulnerable auto sector: JLT

Supply chain risks spike 30% last year in vulnerable auto sector: JLT

Manufacturers in the auto industry need to focus on supply chain risks posed by tier-two and tier-three suppliers because, together, they pose a bigger threat than core tier-one companies, according to latest research from global broker JLT Specialty. The broker recently created its Global Automotive division, designed to help risk managers in the sector cope with the rapidly-changing risk landscape…

Gallagher takes majority stake in Swiss broker Hesse

Gallagher takes majority stake in Swiss broker Hesse

Gallagher takes majority stake in Swiss broker Hesse

Gallagher has acquired a 65% stake in Swiss commercial broker Hesse & Partner AG and Hesse Consulting. Based in Zurich, Hesse specialises in bespoke risk and insurance for clients in industrial, manufacturing and construction, with a niche in the waste-to-energy sector. Hesse said its top team will remain in place, including chairman and founder Guido Hesse, and CEO Tanja Jung.…

Cyber preparedness falls short: Airmic survey

Cyber preparedness falls short: Airmic survey

Cyber preparedness falls short: Airmic survey

Cyber risk is now a top concern for Airmic members but many believe the ability of their organisations to respond is falling short. According to Airmic’s latest member survey, cyber business interruption and data breach are the second and third most concerning risks for risk managers, just behind reputation. However, risk managers expect cyber to move to the top spot…

MGA EPUL launches Pool Re alternative for terrorism risks

MGA EPUL launches Pool Re alternative for terrorism risks

MGA EPUL launches Pool Re alternative for terrorism risks

Commercial property MGA European Property Underwriting Ltd (EPUL) has launched terrorism insurance for UK businesses as an alternative to protection provided by Pool Re, including cover in Europe. The standalone terrorism policy covers businesses in the UK and Northern Ireland for material damage and business interruption cover. Terrorism cover will also be available in Europe. Under EPUL’s offering, insureds can…

Pool Re hails ‘landmark’ government move to extend terror coverage to non-damage BI

Pool Re hails ‘landmark’ government move to extend terror coverage to non-damage BI

Pool Re hails ‘landmark’ government move to extend terror coverage to non-damage BI

Pool Re has welcomed a move this week by the UK Government to begin law changes that would allow the pool to extend terrorism cover to non-damage business interruption (NDBI) losses. Meanwhile, commercial property MGA European Property Underwriting Ltd (EPUL) has launched terrorism insurance for UK businesses as an alternative to protection provided by Pool Re that includes cover in…

Schinnerer Group rebrands as Victor

Schinnerer Group rebrands as Victor

Schinnerer Group rebrands as Victor

The Schinnerer Group, the world’s largest managing general underwriter, currently servicing greater than $1bn in premium, is to rebrand as Victor. It said the new name was “reflective of the firm’s history and its new global operating model”. The Schinnerer Group’s businesses will take up the Victor brand during the next year, and combine to operate as a single global…

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