Europe on terror alert as lockdown lifts, says Pool Re

Europe on terror alert as lockdown lifts, says Pool Re

Europe on terror alert as lockdown lifts, says Pool Re

The UK’s terrorism threat level sits at substantial, where an attack is likely, said Pool Re in its first update since the terror attack in Reading last month. The reinsurer also warned that attacks may have been shelved during the Covid-19 pandemic but as restrictions are lifted, there could be an increase in the risk of terrorism incidents. “The frequency…

SCOR Channel makes specialty insurance appointments

SCOR Channel makes specialty insurance appointments

SCOR Channel makes specialty insurance appointments

SCOR Channel, part of the reinsurer’s specialty insurance platform, has appointed Christian Stanley as head of underwriting insight and Christianna Vandoorne as head of terrorism and political violence. Mr Stanley was previously the casualty executive of Lloyd’s’ underwriting performance management directorate. In this role he was responsible for the oversight of syndicate underwriting performance and business planning for cyber, professional…

Covid-19 reignites bioterrorism threat, warns Pool Re

Covid-19 reignites bioterrorism threat, warns Pool Re

Covid-19 reignites bioterrorism threat, warns Pool Re

The Covid-19 pandemic may spark a resurgence in bioterrorism because many countries have been found underprepared for the virus, according to a new report by UK terrorism reinsurer Pool Re. Written with Cranfield University’s Andrew Silke, the report says the pandemic is already forming new terrorism trends and bioterrorism is a “genuine concern”. “Historically, a range of terrorist movements have…

Covid-19 set to extend hard market through 2021, says WTW

Covid-19 set to extend hard market through 2021, says WTW

Covid-19 set to extend hard market through 2021, says WTW

The Covid-19 pandemic and resultant economic downturn are set to extend the hard US commercial insurance market through 2021, according to Willis Towers Watson (WTW) in a report that shows buyers already face tough conditions. “The pandemic and economic downturn will very likely extend the hard market through 2021, with market discipline continuing as insurers’ losses materialise and their investment…

Spanish risk managers say pandemic is boosting market hardening

Spanish risk managers say pandemic is boosting market hardening

Spanish risk managers say pandemic is boosting market hardening

The Covid-19 pandemic is strengthening the hardening insurance market trend, moving underwriters to further restrict capacities and demand rate increases in several insurance lines, according to Spanish risk management association IGREA. IGREA pointed out in a statement, however, that the dramatic economic slowdown triggered by government-mandated measures to stop the virus will result in lower loss ratios, and this should…

Pool Re is proven model but not only option for pandemic insurance solution: Enoizi

Pool Re is proven model but not only option for pandemic insurance solution: Enoizi

Pool Re is proven model but not only option for pandemic insurance solution: Enoizi

Pool Re chief executive Julian Enoizi welcomed the recent debate on future pandemic risk financing in partnership between government, the insurance sector and business, telling Commercial Risk Europe in an exclusive interview this week that risk managers definitely need to be involved in the discussion from the outset. He pointed out that Pool Re was created in only three months during…

Pool Re increases retro cover to £2.4bn

Pool Re increases retro cover to £2.4bn

Pool Re increases retro cover to £2.4bn

UK terrorism reinsurer Pool Re has completed a £2.4bn retrocession programme, with 50 global reinsurers led by Munich Re and Hannover Re also taking a significant stake. The retrocession placement is an increase on £2.3bn in 2018 and includes £75m through Pool Re’s terrorism cat bond launched last year. Guy Carpenter brokered the deal. The cover will kick in should…

Pool Re given until 2021 to determine future status after ONS ruling

Pool Re given until 2021 to determine future status after ONS ruling

Pool Re given until 2021 to determine future status after ONS ruling

UK terrorism reinsurer Pool Re could become a government department following an assessment by the Office for National Statistics (ONS) that ruled it should be classified as a government entity. The Association of British Insurers (ABI) warned that the ONS decision could have serious implications for the UK terrorism insurance market. Pool Re has secured a derogation from HM Treasury…

TMK boost special risks team

TMK boost special risks team

TMK boost special risks team

Tokio Marine Kiln (TMK) has appointed Charlotte Pritchard as an underwriter within its special risks team. Ms Pritchard joins TMK from Barbican Insurance Group, where she worked as an underwriter specialising in malicious acts, including terrorism and political violence. TMK said Ms Pritchard will focus on political violence and accelerate the growth of its terrorism book. She will report to…

Chubb launches non-damage terrorism cover

Chubb launches non-damage terrorism cover

Chubb launches non-damage terrorism cover

Chubb has launched a non-damage terrorism cover that it says will bridge gaps in traditional terrorism business interruption insurance. Chubb said under the new policy businesses will be covered for losses from a terrorist incident if they have not incurred physical damage, for example if a business finds itself inside a police cordon in response to a terrorist threat. The…

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