AGCS appoints CUO for speciality business

AGCS appoints CUO for speciality business

AGCS appoints CUO for speciality business

Allianz Global Corporate & Specialty (AGCS) has appointed Henning Haagen as chief underwriting officer of specialty. Mr Haagen, who is currently regional head of specialty and northeast zone executive for AGCS North America, will take on the role from March 2020. AGCS said it will announce his replacement at a later date. Mr Haagen will relocate from New York to…

Insurance industry urged at WEF meeting to better reward cyber risk management

Insurance industry urged at WEF meeting to better reward cyber risk management

Insurance industry urged at WEF meeting to better reward cyber risk management

The insurance industry can play a bigger role in boosting cyber risk management by ensuring it rewards organisations that take the issue seriously and setting minimum security standards, attendees at the World Economic Forum’s (WEF) annual Davos meeting were told this week. The call to arms was made by Pascal Millaire, CEO of cyber risk analytics firm CyberCube, as he…

Aviation losses line up further insurance price hikes in 2020, warns Gallagher

Aviation losses line up further insurance price hikes in 2020, warns Gallagher

Aviation losses line up further insurance price hikes in 2020, warns Gallagher

Large losses anticipated for 2019 will drive further rate hardening for aviation insurance buyers in 2020, according to analysis from broker Gallagher. In a market overview, Peter Elson, CEO of aerospace at Gallagher, said 2019 could be one of the most expensive years on record for aviation insurers once figures are finalised. He said all segments were affected and the…

Pool Re appoints head of risk management for new unit

Pool Re appoints head of risk management for new unit

Pool Re appoints head of risk management for new unit

UK terrorism reinsurer Pool Re has appointed Chris Medhurst-Cocksworth as head of risk management for its new risk management services unit, Pool Re Solutions. He joins from Marsh Risk Consulting, where he was head of business development and risk partner. Mr Medhurst-Cocksworth also has a military background that includes strategic planning for counterterrorism operations. He will report to Steve Coates,…

AMRAE president criticises insurers for ‘arbitrarily’ reducing capacity as shortfalls emerge

AMRAE president criticises insurers for ‘arbitrarily’ reducing capacity as shortfalls emerge

AMRAE president criticises insurers for ‘arbitrarily’ reducing capacity as shortfalls emerge

The president of French risk management association AMRAE, Brigitte Bouquot, has criticised insurers for “arbitrarily” reducing capacity for clients at recent renewals and warned that buyers now face situations where certain risks cannot be covered. Ms Bouquot is concerned by moves from insurers to reduce capacity without taking into account factors like the quality of risk management, or factoring in…

Buyers face further disruption in D&O market

Buyers face further disruption in D&O market

Buyers face further disruption in D&O market

Buyers should prepare for further disruption in the D&O insurance market in 2020, including higher rates and restricted cover, as elevated levels of US securities class action litigation look set to continue for the foreseeable future, according to Kevin La Croix, executive vp at specialty broker RT ProExec and author of the influential D&O Diary blog. Companies with US listings…

Elevated levels of civil unrest to continue in 2020, warns Maplecroft

Elevated levels of civil unrest to continue in 2020, warns Maplecroft

Elevated levels of civil unrest to continue in 2020, warns Maplecroft

The world experienced a big increase in civil unrest during 2019 and this trend could be the “new normal”, according to the latest Civil Unrest Index from political risk analysts Verisk Maplecroft. A quarter of the world’s countries saw significant increases in civil unrest last year, with notable violent outbreaks in Hong Kong, Lebanon and Chile. The number of countries…

AXA units merged into XL Insurance

AXA units merged into XL Insurance

AXA units merged into XL Insurance

AXA XL has announced the completed merger of AXA Corporate Solutions (ACS) and AXA ART into XL Insurance Company, following approval from all regulators and the Central Bank of Ireland. The mergers are effective from 31 December 2019. XL Insurance Company – a wholly-owned subsidiary within the AXA XL division since AXA acquired XL group in September 2018 – will…

Hiscox links with CyberCube in cyber risk analytics deal

Hiscox links with CyberCube in cyber risk analytics deal

Hiscox links with CyberCube in cyber risk analytics deal

Hiscox has struck a deal to use cyber risk analytics software from CyberCube to provide greater clarity on its cyber accumulation risk and provide more data to assess clients’ exposure. The deal gives Hiscox access to CyberCube’s Portfolio Manager product, including modelling tools and data. CyberCube’s technology will stress test Hiscox’s book of commercial insurance business against cyber-related catastrophe scenarios,…

Talks underway to free much-needed ILS capacity for cyber risk

Talks underway to free much-needed ILS capacity for cyber risk

Talks underway to free much-needed ILS capacity for cyber risk

Capacity from the insurance-linked securities (ILS) market could be crucial to propping up the traditional insurance market in the event of a systemic cyberattack loss, according to a new report from cyber analytics firm CyberCube that says talks are underway to make such risk transfer solutions a possibility. While ILS capacity has largely been channelled to natural catastrophe protection, CyberCube…

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