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…

Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio, the London-based MGA formed though the merger of Ascent Underwriting, Cove Programs and broker Bay Risk Services in September of 2018, has announced the acquisition of specialist political violence and terrorism MGA Newbridge Risk Partners for an undisclosed sum. Newbridge was formed in 2015 on the Castel platform, the specialist operation formed by London market underwriting group Barbican in…

Pool Re gives detail on new terror risk management services

Pool Re gives detail on new terror risk management services

Pool Re gives detail on new terror risk management services

Pool Re, the UK’s government-backed terrorism reinsurer, has fleshed out the details of its newly launched division that offers insurers, captives and large corporates a range of terrorism risk management and modelling services. The new division, called Pool Re Solutions, will expand the reinsurer’s existing capabilities in counterterrorism intelligence and risk modelling, and create a new risk management offering. It…

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets (LSM) will continue its push into Europe and be a stable partner for risk managers through changing market conditions, according to Kerry McKay, head of distribution in Europe at LSM. LSM has grown significantly in Europe during the past three years, and will continue to expand steadily in the region, despite the retrenchment of some insurers in…

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