Widespread misunderstanding of D&O cover among UK directors

Widespread misunderstanding of D&O cover among UK directors

Widespread misunderstanding of D&O cover among UK directors

A vast majority of UK directors have a fundamental misunderstanding of their D&O insurance coverage and could be left footing the bill for legal claims potentially running into millions. This was the finding of a recent survey of UK board members. It found that as many as 83% are unaware that their D&O insurance is unlikely to cover them should…

Irish regulator probes Facebook over GDPR breach as users’ data published online

Irish regulator probes Facebook over GDPR breach as users’ data published online

Irish regulator probes Facebook over GDPR breach as users’ data published online

Ireland’s Data Protection Commission (DPC) is investigating Facebook for breach of Europe’s GDPR, following reports that the personal data of 533 million accounts recently appeared online for free. Designated as Facebook’s lead regulator in the EU, the DPC said it believes “one or more” GDPR rules may have been infringed after details including phone numbers, dates of birth and other…

Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies are set to jump 26% globally this year with several European countries likely to be worst hit as the fallout from Covid-19 finally impacts bankruptcies, according to Atradius. This would follow a 14% fall in insolvencies last year when governments introduced fiscal measures and bankruptcies regime changes to protect businesses from failure, said the trade credit insurer. Atradius added…

Liberty Specialty Markets appoints active underwriter

Liberty Specialty Markets appoints active underwriter

Liberty Specialty Markets appoints active underwriter

Jane Warren has been appointed as active underwriter for Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group. She takes over the role from Peter Smith, who recently moved to an expanded role with Liberty Mutual Re. As LSM’s active underwriter, Ms Warren will be responsible for managing Lloyd’s Syndicate 4472. Prior to this appointment, she was UK legal…

Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Insurers have settled and paid out on 10,772 UK business interruption (BI) Covid-19 claims in the UK related to the country’s Supreme Court ruling, but more than 12,000 policyholders have yet to receive a decision three months after it was found that the claims were valid, according to new data released by regulator the Financial Conduct Authority (FCA). A total…

Insurers and corporates join new body to tackle spike in UK property claims

Insurers and corporates join new body to tackle spike in UK property claims

Insurers and corporates join new body to tackle spike in UK property claims

A surge in property insurance claims and costs in the UK will be tackled by a new industry taskforce that will initially focus on flooding claims and property flood resilience. The cross-industry body, known as the Property Damage Task Force, will bring together insurers, brokers, loss adjusters, legal specialists and corporates to look at emerging issues in property claims. The…

AXA XL appoints head of marine, UK and Lloyd’s market and global head of hull

AXA XL appoints head of marine, UK and Lloyd’s market and global head of hull

AXA XL appoints head of marine, UK and Lloyd’s market and global head of hull

Sundeep Khera has been appointed as head of marine, UK and Lloyd’s market, at AXA XL, with effect from 1 July 2021, and as global head of hull with immediate effect. According to AXA XL, in his new roles he will be responsible for driving strategic, profitable expansion across the UK and Lloyd’s region as well as the division’s global…

Brokers engage in UK acquisition spree

Brokers engage in UK acquisition spree

Brokers engage in UK acquisition spree

Consolidation in the UK’s mid-market broker space continues to intensify following a number of acquisitions in April and March. While the mega merger of Aon and Willis Towers Watson awaits final approval from the European Commission, others are ploughing ahead with acquisitions in a bid to grow their portfolios and target the small and medium-sized enterprise (SME) commercial insurance market.…

Treading carefully – cross-border litigation after Brexit

Treading carefully – cross-border litigation after Brexit

Treading carefully – cross-border litigation after Brexit

The transition period has ended and, in theory at least, Brexit is now complete. This should mean there is clarity where future UK-EU relations are concerned. Why, then, are litigators left scratching their heads? Here, we identify three areas of continuing uncertainty where parties should tread with care. When the Brexit trade deal was unveiled at the end of December,…

London market saw substantial pandemic-related losses in 2020, says Fitch

London market saw substantial pandemic-related losses in 2020, says Fitch

London market saw substantial pandemic-related losses in 2020, says Fitch

Event cancellations and business interruption (BI) policies were the main drivers of substantial pandemic-related losses in 2020 for London market insurers, according to Fitch Ratings. The majority of London market insurers reported either a loss or only a very small profit in 2020, as the pandemic-related losses offset most underwriting and investment profits. Returns on equity were negative or only…

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