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…

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,…

Iran conflict fears ease but foreign firms advised to prepare for the worst

Iran conflict fears ease but foreign firms advised to prepare for the worst

Iran conflict fears ease but foreign firms advised to prepare for the worst

Foreign companies are being advised to prepare for ongoing volatility in the Middle East, but the risk of a wider conflict involving Iran appears to have receded for now, according to political risk experts. However, insurance premiums will rise exponentially in marine and other lines for companies operating in the region, according to law firm DWF Recent weeks have seen dramatic…

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

The Middle East crisis will see premiums rise exponentially in marine and other lines for companies operating in the region, according to law firm DWF. Jonathan Moss, head of marine and trade at DWF, said: “The latest chapter of turbulence in the Middle East will undoubtedly lead to insurers and reinsurers – particularly in lines such as hull, war, piracy,…

Neon to enter Lloyd’s run-off in 2020

Neon to enter Lloyd’s run-off in 2020

Neon to enter Lloyd’s run-off in 2020

Lloyd’s managing agency Neon Underwriting is being placed into run-off by its US owner American Financial Group (AFG). AFG said Neon has “failed to achieve” profitability objectives since it acquired the business as Marketform in 2008. In particular, AFG said Neon’s results prospects for 2019 and 2020 fall below its expectations. Marketform relaunched as Neon in 2016 with a book…

Pool Re implements changes to reduce terrorism insurance costs

Pool Re implements changes to reduce terrorism insurance costs

Pool Re implements changes to reduce terrorism insurance costs

UK terrorism reinsurer Pool Re has modified its pricing structure to reduce costs for UK businesses buying terrorism insurance. It has cut the standard business interruption (BI) rating from 0.019% to 0.017% across the board and it will also apply a reduction in the Zone B and MD rates. In addition, clients that use Pool Re’s Vulnerability Self-Assessment Tool will…

New head of terrorism underwriting in North America for Liberty Specialty Markets

New head of terrorism underwriting in North America for Liberty Specialty Markets

New head of terrorism underwriting in North America for Liberty Specialty Markets

Liberty Specialty Markets has appointed Jennifer Rubin to a newly created role as senior underwriting executive and head of terrorism underwriting in North America. Liberty Specialty Markets is part of Liberty Mutual Insurance Group. She will report to Alex Montoya, president of US, Bermuda and Latin America, Liberty Specialty Markets. Ms Rubin will be based in New York and takes…

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