CRE Newsletter
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North America
December 15, 2021
US fronter Concert Group forms excess and surplus lines carrier
Concert Group Holdings has formed an excess and surplus lines carrier domiciled in Montana, aimed at captives and programme business.…
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Insurance
December 15, 2021
European MGAs set for expansion in 2022 at expense of London, says New Dawn Risk
New Dawn Risk predicts big growth in the number of managing general agents (MGAs) across Europe next year, “much to…
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Market
December 15, 2021
Ardonagh receives $1bn+ equity boost
Global insurance broker The Ardonagh Group has secured more than $1bn in equity investment from new co-investors, which include a…
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Legal & Regulation
December 15, 2021
European insurers ‘vulnerable’ to cyber and climate risk, warns Eiopa
Climate and cyber risk are “top” of the European Insurance and Occupational Pensions Authority’s (Eiopa) agenda, with later identified as…
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People Moves
December 15, 2021
WTW appoints new head of environmental from AGCS
Willis Towers Watson (WTW) has appointed Chris Strong from Allianz Global Corporate & Speciality (AGCS) as the new head of…
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North America
December 15, 2021
US tornado outbreak insured loss estimated at about $3bn
The recent US severe convective storm (SCS) outbreak, comprising tornadoes, hail and winds, is estimated to result in an insured…
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Benelux
December 14, 2021
EU publishes draft rules for gig-economy workers
The European Commission (EC) has published draft legislation on employment practices within the ‘gig economy’. The legislative changes are designed…
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GRM Insurance
December 14, 2021
Nat cat losses to top $100bn in 2021 says Swiss Re
This year is estimated to see global insured losses of $105bn as a result of extreme weather events, according to…
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Legal & Regulation
December 14, 2021
French appeals court slashes UBS tax penalty to €1.8bn
Swiss bank UBS is reviewing its options for a further appeal following a French court’s decision that upheld charges of…
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Legal & Regulation
December 14, 2021
NatWest fined £265m in FCA’s first conviction for breach of money-laundering rules
UK bank NatWest has been fined £265m for three breaches of money-laundering rules, in the first criminal conviction for the…
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Insurance
December 14, 2021
Allianz signs up with insurtech Cytora to boost service through AI
Allianz has announced an agreement with insurtech firm Cytora to use an AI-based risk-processing tool that it said will help…
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Insurance
December 14, 2021
Brit pilots first rolling Lloyd’s coverholder contract to reduce renewal burden
Brit is piloting the first continuous, rolling contracts for Lloyd’s coverholders to ultimately reduce time and effort at renewals for…
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Marine
December 14, 2021
Swedish Club latest P&I insurer to increases rates by 12.5%
The Swedish Club has become the latest marine P&I insurer to announce a general increase of 12.5% for next year.…
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Liability
December 14, 2021
Chubb settles Boy Scouts sexual abuse claims for $800m
Chubb has agreed to pay $800m to the Boy Scouts of America to settle sexual abuse-related insurance claims filed by…
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Market
December 14, 2021
South Australian October storms cost insurers $737m, says PERILS
PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has disclosed its initial industry loss estimate for the Southern…
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Risk Management
December 14, 2021
Alex Sidorenko named European Risk Manager of the Year
Alex Sidorenko, head of operational, investment risks and insurance at EuroChem, has won Risk Manager of the Year at the…
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DACH
December 13, 2021
More transparency needed for pension guarantees in Germany
There was broad consensus at the recent German association of insurance and risk managers (GVNW) conference that pension benefit guarantees…
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GRM Insurance
December 13, 2021
Neutral outlook for Russia’s non-life sector, says Fitch
The healthy underwriting performance of the Russian non-life insurance sector is balanced by weak diversification of growth sources, according to…
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Climate Change
December 13, 2021
Lloyd’s accused of greenwashing as it stops short of mandating coal exit
Lloyd’s has been accused of “greenwashing” and “abandoning” climate commitments to stop covering fossil fuels by an action group that…
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Cyber & Technology
December 13, 2021
Volvo discloses R&D data theft in cyber breach
Volvo is investigating a cyberattack that it believes saw corporate research and development (R&D) files stolen. The Swedish car manufacturer…