More upheaval at AGCS as Poncin departs

More upheaval at AGCS as Poncin departs

More upheaval at AGCS as Poncin departs

Allianz Global Corporate & Specialty’s (AGCS) global head of financial lines Bernard Poncin has left the insurer “to pursue opportunities outside the company”, as yet another senior executive departs. Mr Poncin is replaced by Shanil Williams, who was previously global head of commercial for financial lines. Mr Poncin’s departure follows a series of unexpected changes at AGCS that suggest not…

Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer Underwriters will close its Lloyd’s syndicate 1980 for the 2020 year of account, because the cost of capital is “no longer economically efficient”. The managing general agent (MGA) said Lloyd’s had approved its 2020 business plan that included a small increase in capacity, but since then it had concluded that the costs were simply too high. The syndicate closes…

Terror threat sees spike in right-wing attacks

Terror threat sees spike in right-wing attacks

Terror threat sees spike in right-wing attacks

More than a third of terrorist attacks (36%) in advanced markets were perpetrated by right-wing terrorists last year and have driven up casualty rates, according to data analysed by Pool Re in its latest threat report. The UK government-backed reinsurer says the “more active and lethal” right-wing movement has complicated the terrorist landscape. Such attacks are more likely to cause…

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face the “biggest upward price shift” for years during 2020, with increases across more lines than in “recent memory”, according to Willis Towers Watson (WTW). Property, excess liability and D&O cover will be hardest hit, according to the broker. It notes that several other lines of business are looking at increases “topping out at well…

PI rates sent sky-high in wake of Grenfell fire: Reuters

PI rates sent sky-high in wake of Grenfell fire: Reuters

PI rates sent sky-high in wake of Grenfell fire: Reuters

Professional indemnity (PI) buyers in the construction sector are facing huge hikes in premiums following London’s Grenfell Tower fire in 2017, according to a report by Reuters. Building contractors, architects and surveyors are among the professionals affected by the insurance industry’s response to the fire, which killed 72 people and has been blamed on external cladding fitted during a refurbishment.…

Insurance rates up again in Europe and UK on back of 8% global increases, finds Marsh

Insurance rates up again in Europe and UK on back of 8% global increases, finds Marsh

Insurance rates up again in Europe and UK on back of 8% global increases, finds Marsh

Commercial insurance rates rose by an average 4% in continental Europe during the third quarter of 2019 and 12% in the UK, according to the latest Global Insurance Market Index from Marsh. As previously reported by Commercial Risk Europe, global increases of 8% were the largest since the survey began in 2012 and the eighth consecutive quarter of average price…

Private equity firms may soon demand cyber insurance is in place

Private equity firms may soon demand cyber insurance is in place

Private equity firms may soon demand cyber insurance is in place

Private equity firms are likely to require companies to buy cyber insurance, according to a survey by insurance contract adviser Mactavish, which also found that adequate cyber due diligence in the sector is lacking. Just under a third (27%) of private equity professionals surveyed by Mactavish said cybersecurity due diligence was “poor”, while 30% described it as “average”. Only 23%…

Vibe to close Lloyd’s syndicate

Vibe to close Lloyd’s syndicate

Vibe to close Lloyd’s syndicate

Vibe Syndicate Management will close Lloyd’s syndicate 5678 at the end of this year, after it failed to secure capital to grow the business. The syndicate, which wrote abroad range of insurance and reinsurance business, will be placed into run-off. Announcing the closure, CEO of Vibe Joe England said operating costs and regulatory requirements were too much for the size…

BCI survey paints a mixed picture for supply chain risk management

BCI survey paints a mixed picture for supply chain risk management

BCI survey paints a mixed picture for supply chain risk management

The latest annual supply chain survey by the Business Continuity Institute (BCI) paints a mixed picture for organisations worldwide, with the number of disruptions down and non-reporting of such incidents at an all-time low. But it also finds a steady decline in top-level management commitment to supply chain risk and problems when it comes to tackling lower tier suppliers. The…

Voce says Argo board ‘cannot be trusted’ following ‘retirement’ of CEO Watson

Voce says Argo board ‘cannot be trusted’ following ‘retirement’ of CEO Watson

Voce says Argo board ‘cannot be trusted’ following ‘retirement’ of CEO Watson

Activist shareholder Voce Capital has said Argo’s board “cannot be trusted” to choose the firm’s leadership or future direction, following news earlier this week that embattled CEO Mark Watson has “retired” from the role. Argo announced on Tuesday that Mr Watson will step down with immediate effect. He will be replaced on an interim basis by Kevin Rehnberg, who has…

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